Describe HypothesisThe Texas economy relies on the retail industry is a vibrant part of the Texas economy. The Texas retail turnover rate has also affected the economy through seasonal employment. The turnover rate is important as companies spend a tremendous amount of money training new employees. The mean turnover rate for the Texas retail industry is 13%. The null hypothesis is the turnover rate for the Texas retail industry is 13%. The alternate hypothesis is the turnover rate is not equal to 13%.

Formulation of Numerical and Verbal HypothesisHo: ÃÂ¼ = 13 %H1: ÃÂ¼ Ã¢Â 13 %Level of significance, a=.01The null hypothesis is the mean is not different from 13%, but equals to 13%. The alternate hypothesis is the mean is not equal to 13%. The level of significance is .01, which is the probability of rejecting the null hypothesis. The level of significance, which is alpha, equals .01.

Performance of the Five-Step Hypothesis TestThe first step in hypothesis testing is to establish the null (Ho) and the alternate hypothesis (H1). The hypothesis that the group affirms is that there is average turnover rate of 13% in the Texas retail industry. The null hypothesis is the population mean is 13%. The alternate hypothesis is ÃÂThe mean is different from 13% or the mean is not 13%. Both hypotheses are written:Ho: ÃÂ¼ = 13 %H1: ÃÂ¼ Ã¢Â 13 %This is a two-tailed test because the group thought that a one-tailed test was not needed. The group also thought there was no need to state a direction, which would then make a one-tailed the most appropriate testing method. The next measure is to select a significance level. There is not one level of significance that can be applied to all tests. Most often, the .05 level is selected for consumer...