Answer:
1) Null hypothesis:
Alternative hypothesis:
For this case since we are conducting a right tailed test we need to find a critical value in the normal standard distribution who accumulates 0.01 of the area in the right and we got:
For this case we see that the calculated value is higher than the critical value
Since the calculated value is higher than the critical value we have enugh evidence to reject the null hypothesis at 1% of significance level
2) Since is a right tailed test the p value would be:
If we compare the p value and the significance level given 
we see that 
so we can conclude that we have enough evidence to reject the null hypothesis, same conclusion for part 1
Step-by-step explanation:
Part 1
Data given
represent the sample mean
represent the population standard deviation
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
z would represent the statistic (variable of interest)
represent the p value for the test (variable of interest)
Step1:State the null and alternative hypotheses.
We need to conduct a hypothesis in order to check if the true mean is higher than 500, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
Step 2: Calculate the statistic
(1)
We can replace in formula (1) the info given like this:
Step 3: Calculate the critical value
For this case since we are conducting a right tailed test we need to find a critical value in the normal standard distribution who accumulates 0.01 of the area in the right and we got:
Step 4: Compare the statistic with the critical value
For this case we see that the calculated value is higher than the critical value
Step 5: Decision
Since the calculated value is higher than the critical value we have enugh evidence to reject the null hypothesis at 1% of significance level
Part 2
P-value
Since is a right tailed test the p value would be:
If we compare the p value and the significance level given we see that so we can conclude that we have enough evidence to reject the null hypothesis, same conclusion for part 1
