2. An electronic game company is conducting product testing of a new handheld console and conducts a survey to assess consumer, willingness to pay for a product with its current specifications. It asks 63 people, and gets a sample mean of E468, The standard deviation is known to be E75. It will only go ahead with the product launch if it believes the true population mean to be more than E450, as otherwise the product will make a significant loss. (a) Conduct a hypothesis test to assess whether there is sufficient evidence to demonstrate that the mean willingness-to-pay is higher than E450 at the 5% level. (b) What are type 1 and type 2 errors for the test you conducted in a)? Do you think it would be better to use a different significance level for this test? Give reasons for your