An automobile manufacturer stated that it will be willing to mass produce electric-powered cars if more than 30% of potential buyers indicate they will purchase the newly designed electric cars. In a sample of 500 potential buyers, 160 indicated that they would buy such a product. State the hypotheses for this problem list the type 1 and type 2 error. Compute the standard error of population proportion and compute the test statistic. At the 5% level of significance what is your conclusion? Should the manufacturer produce?