1. From the information below I need help Formulating a recommendation and write a confidence statement in the context of this scenario. For the purposes of writing my confidence statement, I'm assuming the sample mean house listing price is $310,000 for both packages. "I am [#] % confident the true mean . . . [in context]."

• 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

2.Explain the factors that went into your recommendation, including a discussion of the margin of error

Sample size of 100 listings:

• 95% confidence interval for the mean of the Northeast house listing price has a margin of error of $25,000
• Cost for service to B&K: $2,000

Sample size of 1,000 listings:

• 95% confidence interval for the mean of the Northeast house listing price has a margin of error of $5,000
• Cost for service to B&K: $10,000