Question: Suppose a new production method will be implemented if a hypothesis test supports the conclusion that the new method reduces the mean operating cost per

Suppose a new production method will be implemented if a hypothesis test supports the conclusion that the new method reduces the mean operating cost per hour. a. State the appropriate null and alternative hypotheses if the mean cost for the current production method is $215 per hour. H0:Ha:215215 b. What is the Type I error in this situation? Claiming 215 when the new method lower costs. What are the consequences of making this error? A mistake could be implementing the method when it help. c. What is the Type II error in this situation? Claiming 215 when the new method lower costs. What are the consequences of making this error? This could lead to not implementing a method that lower costs
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