Sunny Pleasure is a US rm looking to enter the UK market with its UV Sun FunTM wristband. This wristband alerts the wearer when it is time to seek shade or reapply sunscreen. At present, Sunny Pleasure is planning to sell packages containing seven UV Sun FunTM wristbands at a retail price of 6.99. Nevertheless, some members of the management team believe this price may be too low. a. Formulate the null and alternative hypotheses that can be used to test whether the level of the planned retail price is too low for the UK population. {5 marks) To test the hypotheses under (a), Sunny Pleasure has performed a market research in a random sample of 150 UK citizens. The market research indicates that the average acceptable retail price for a package of seven UV Sun FunTM wristbands is 153, while the sample standard deviation for the acceptable retail price is 3.64. b. Using the critical value approach and d = 0.05. does the appropriate test statistic suggest that the proposed retail price of 6.99 may be too low? {5 marks) To date, US customers have had mixed experiences with the UV Sun FunTM wristband. While some customers have indicated that the wristband is \"garbage...don't rely on if\