Profit strategy. A retail shop has reviewed its current pricing structure and has made some adjustments (increased or reduced) to its pricing. The shop wants to find out whether the adjusted prices has affected the profits in which the majority of price increments might reduce the profit.

a) If the shop conducted a test and determined a low P-value in which it rejected the null hypothesis, but in fact, there is minority of increments in prices, what are the consequences of such an error?

b) If the shop conducted a test and determined a high P-value in which it fails to reject the null hypothesis, but in fact, there is majority of increments in prices, what are the consequences of such an error?