The average daily attendance of a small amusement park is 4,219 people. In order to increase the average daily attendance, the park owners decided to lower the price for admissions. For the first 25 days after the highly publicized price reduction the average daily attendance was 4,537. You can assume that the population standard deviation is 674. Assume that these 25 days can be considered a random sample of the days to come and that daily attendance follows a normal distribution. Required:
a. Test at the 5% level of significance whether the price reduction was effective.
b. How and why would your answer in Part 1 change if the significance level had been 1%?