I am having trouble understanding how to solve for the answers to the below questions. I'd like to see how to solve for both answers with written out steps to help me understand how to get to the final answers. Below is the entire question I have been presented with in class.

M4a: Hypothesis Testing Scenario Assignment Scenario Script Caption:

As you prepared your memo about the new "Princess Select" line, you discovered that the sample size that you were provided was insufficiently small. Using a larger sample of 200 customers, you conducted this research and the data is now ready for your analysis. The following results were found:

1. Sample mean for price was $49.20 with a standard deviation of $4.60

2. Proportion who would purchase the new product was 62%

Mieke: You have the new data already? Great. So, like I said previously, at least 75% of the customers must express some desire for the product. The customers who are interested in the product must be willing to pay at least $49.00. Scenario Assignment Using this information, complete the following:

1. Conduct hypothesis tests for price and proportion.

2. Based on this updated data and Mieke's parameters, should the new line be marketed? Explain your answer.