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 $260 per hour. o Hon = 260 Haul 260 Hoiu 260 .: 260 Haus 260 Horus 260 Hu > 260 (b) What is the type I error in this situation? What are the consequences of making this error? It would be claiming u 260 when the method really would lower costs. This mistake could result in not implementing a method that would lower costs. It would be claiming u > 260 when the method really would lower costs. This mistake could result in not implementing a method that would lower costs. (c) What is the type II error in this situation? What are the consequences of making this error? It would be claiming u 260 when the method really would lower costs. This mistake could result in not implementing a method that would lower costs. It would be claiming u > 260 when the method really would lower costs. This mistake could result in not implementing a method that would lower costs