6-1 Discussion: Confidence Intervals

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.

Discussion Post

The Silver package comes with a margin of error of $3,850 while the Gold package comes with an increase of $15,000; so, I suggest not buying Gold till the price is narrowed. With a $10,000 price for a sample size of 1000 people located in the Northeast and an error margin at $7750, the Silver option will meet your needs If you choose the middle path. We congratulate you on your growth and achievement and thank you one for your perseverance.

Reply Posts

#1The silver plan seems to be the most popular choice among students. After posting my reply to the question, I began having second thoughts, and finally I decided that the Gold option was the best for me. I believe that agents may need a greater confidence level than 95%…

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