The B&K Real Estate Company sells homes and is currently serving the Southeast region. It has recently expanded to cover the Northeast states. The B&K realtors are excited to now cover the entire East Coast and are working to prepare their southern agents to expand their reach to the Northeast.
B&K has hired your company to analyze the Northeast home listing prices in order to give information to their agents about the mean listing price at 95% confidence. Your company offers three analysis packages: one based on a sample size of 100 listings, one based on 1,000 listings, and another based on a sample size of 4,000 listings. Because there is an additional cost for data collection, your company charges more for the package with 4,000 listings than for the package with 100 listings.
Bronze Package – Sample size of 100 listings:
95% confidence interval for the mean of the Northeast house listing price has a margin of error of $24,500
Cost for service to B&K: $2,000
Silver Package – Sample size of 1,000 listings:
95% confidence interval for the mean of the Northeast house listing price has a margin of error of $7,750
Cost for service to B&K: $10,000
Gold Package – Sample size of 4,000 listings:
95% confidence interval for the mean of the Northeast house listing price has a margin of error of $3,900
Cost for service to B&K: $25,000
The B&K management team does not understand the tradeoff between confidence level, sample size, and margin of error. B&K would like you to come back with your recommendation of the sample size that would provide the sales agents with the best understanding of northeast home prices at the lowest cost for service to B&K.
In other words, which option is preferable?
Spending more on data collection and having a smaller margin of error
Spending less on data collection and having a larger margin of error
Choosing an option somewhere in the middle
For your initial post:
Formulate a recommendation and write a confidence statement in the context of this scenario. For the purposes of writing your confidence statement, assume the sample mean house listing price is $310,000 for all packages. “I am [#] % confident the true mean . . . [in context].”
Explain the factors that went into your recommendation, including a discussion of the margin of error
For your response posts to your peers, choose two different confidence intervals for your responses. Do you think the agents would prefer a different confidence interval than their management? What advantages and disadvantages would there be in having different confidence intervals for the agents? Explain your thought process and reasoning in your response.
Why Work with Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission Essays & Business Writing Help
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.