Question: There are multiple options for analysis packages. We can go over what these options include using a sample mean, or average listing price, of $310,000.
There are multiple options for analysis packages. We can go over what these options include using a sample mean, or average listing price, of $310,000. The bronze package is cheapest option for analysis includes a sample of 100 homes at only $2,000. Being the cheaper option, there is a higher margin of error (24,500). With this package, we can say with 95% confidence that the true mean, or average listing price in Northeast homes, ranges from $285,500 to $334,500. The Silver package is more expensive at $10,000, but includes 1,000 homes. It has a lower margin of error as well (7,750). This means we can say with 95% confidence that the average listing price in Northeast homes ranges from $302,250 to $317,750. The gold package is the most expensive at $25,000 and includes 4,000 homes. There is also a lower margin of error (3,900). This package would allow us to say with 95% confidence that the average listing price in Northeast homes ranges from $306,100 to $313,900. Seeing all the options, we can see that the bronze package has a larger range than the other options. This is from the margin of error being larger. While the margin of error in the gold package is small, it is not significantly different from the silver package. Where the margin of error differs by 16,750 from the bronze to silver package, the silver to gold package is only a difference of 3,850. This shows the silver and gold packages are more preferable. How can I respond to this disucssion post
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