A dairy researcher has developed a new technique for culturing cheese that is purported to age cheese in substantially less time than traditional methods without affecting other properties of the cheese. Retrofitting cheese manufacturing plants with this new technology will initially cost millions of dollars, but if it indeed reduces aging time -even marginally -it will lead to higher company profits in the long run. If, on the other hand, the new method is no better than the old, the retrofit would be a financial mistake. Before making the decision to retrofit, an experiment will be performed to compare culture times of the new and old methods.
(a) In plain English, what are the null and alternative hypotheses for this experiment?
(b) In the context of this scenario, what would be the consequence of a Type I error?
(c) In the context of this scenario, what would be the consequence of a Type II error?
(d) In your opinion, which type of error would be more serious? Justify your answer. (It is possible to argue both sides.)