Based on the current price of the product you sell on average 1.78 million units of product each day. You raise the price of your product and see that in a sample of 16 days after the price increase the average number of products sold averaged 1.62 million/day with a standard deviation of .23 million units.

a) Did the increase in price lower the average amount of product sold at the .01 level? (p = .007)

b) The 99% confidence interval is "upper bound 1.72" Interpret this in context of the problem

c) Based on the answer for a) was raising the price a good idea?

d) What is the only type of error that could have occurred in this problem?