Before attempting the project, make sure you have watched the Project Introduction video and entered your project data into either Excel or Statistix. Using Statistix, you are required to generate printouts that you will embed into the Project Word document that is posted below. You will then answer the questions that I ask in the project, save the document with your completed work, and submit it to me in Canvas. Here are the steps you will need to complete:Download the project.Watch the Project Description/Printout Demonstration Video to help you to generate the required printouts.Embed the printouts and answer the project questions and submit it in Canvas by midnight on March 30th.To help, I have created a video for both showing you how to Submit Projects in Canvas and also Using Statistix in the Application Gateway (which is posted elsewhere). Feel free to join me during the Blackboard Collaborate Ultra sessions to ask questions about the project! I will be doing Statistix demonstrations as well as sharing printouts from my data set and helping you answer project questions for my printouts.https://youtu.be/-UPeOA8uKXU (Links to an external site.)I give some hints on the type of answers I am looking for and do a computer demonstration showing you how to generate the required printouts.How to Submit Projects in Canvas: https://youtu.be/ZWhmJbODE8E (Links to an external site.)Using Statistix in the Application Gateway Video: https://youtu.be/uqDERDrvAIM

A company is looking at the results of a marketing survey and trying to establish whether men and women value the product differently. They have data on the willingness to pay for the product for 50 men and 50 women.Design a hypothesis test of whether or not the mean willingness to pay for the product is different for men and women.Which, if any, is more important to minimize in this case, the type I or type II error? Why?How does the choice of the critical value affect the tradeoff between the type I and type II error? 1-2 pages with two references. it is a discussion question