At a recent meeting, it was decided to go ahead with the introduction of a new product if “interested consumers would be willing, on average, to pay $20.00 for the product.” A study was conducted, with 324 random interested consumers indicating that they would pay an average of $18.14 for the product. The standard deviation was $2.98. 

a. Identify the reference value for testing the mean for all interested consumers. 

b. Identify the null and research hypotheses for a two-sided test using both words and mathematical symbols. 

c. Perform a two-sided test at the 5% significance level and describe the result. 

d. Perform a two-sided test at the 1% significance level and describe the result.