The drying time for a certain type of paint is 90 minutes, but a paint company has devised a new additive that they hope will make the paint dry faster. They will conduct a hypothesis test with hypotheses vs., and if the results are significant they will put the new additive on the market and spend money on an advertising campaign. (a) Explain the consequences of making a Type I error in this situation. (b) Explain the consequences of making a Type II error in this situation.
