• 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

I am 95% confident the true mean listing price of homes in the Northeast is between $302,250 and $317,750, based on a sample mean of $310,000.

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 would be the Silver Package, with a sample size of 1,000 listings and a margin of error of $7,750. This option provides a reasonable margin of error at a moderate cost. While the Bronze Package is cheaper, the margin of error is almost $25,000, which will not provide useful and reliable information, and the Gold Package has a very small margin of error it would require an excessive cost out of pocket. The margin of error tells you how close your results are to the population. (Frost, 2023) Therefore, the Silver Package offers a useful and reliable estimate of the average listing prices without costing an excessive amount. It is the best balance between cost and usefulness in my opinion.