3) 5] CarpetPlace salespersons average $5,000 per week in sales. Steve Jobs, the firm's vice president, proposes a new compensation plan with selling incentives. Steve hopes that the results of a trial selling period will enable him to conclude that the new compensation plan increases the average sales per salesperson. a} Develop the appropriate null and alternative hypotheses. b} What is the Type I error in this situation? What are the consequences of making this error? c} What is the Type [I error in this situation? What are the consequences of making this error? Department of Labor reported the average hourly earnings for production workers to be $15.23 per hour in 2001. A sample of ?5 production workers during 2003 showed a sample mean of $15.80 per hour. Assuming the population standard deviation is $1.50, can we conclude dtat an increase occurred in the mean hourly earnings since 2001? Use at = .05. ABC Securities Firm paid out record year-end bonuses of $150,000 per employee for 2005. Suppose we would like to take a sample of employees at the ABC Securities firm to see whether the mean year- end bonus is different from the reported mean of $150,000 for the population. a} State the null and alternative hypotheses you would use to test whether the year-end bonuses paid by ABC Securities were different from the population mean. b} Suppose a sample of 40 employees showed a sample mean year-end bonus of $130,000. Assume a population standard deviation of $30,000 and compute the p- value. c} With a .05 as the level of significance, what is your conclusion? d} Repeat the preceding hypothesis test using the critical value approach