Hello, this is an Applied Statistics question. If can help with #1-2. The attached picture has the discussion information. Thank you!A) This was a little confusing at first, so it's possible I am misunderstanding what I am supposed to be reporting here, but to the best of my ability, my recommendation is that B&K should choose the silver package in the middle. Given the listing data I am 95% confident the true mean lies between $302,250 and $317,750, assuming a mean listing price is $310,000.My recommendation is due to the fact that the margin of error goes down dramatically from the bronze to the silver package. With the bronze package, you are paying the most money per listing, and getting the highest margin of error. Once you move to the silver package, the cost per listing is cut in half, you get a far more accurate margin of error, and it's overall a better deal than the bronze. The gold package, while having an even more accurate margin of error, and costing less per listing than the silver, does not have nearly the difference in ratio of these statistics as opposed to the difference in ratios of gold and silver. Getting the silver package will give B&K the best bang for their buck.1.) 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.B) In the case of B&K Management, I am 95% confident that the silver package would be the best option for them to optimize their funds. It is not overly expensive and covers a decent range in data. One thing that i would like to mention is that the package that they select will greatly influence the accuracy of the information being provided, therefore if it is within their budget to attain the most accurate information to assist their associates with the most precise data, the gold package is the most beneficial. I would definitely not consider anything less than the silver package, the bronze package will be too sporadic, resulting in uninformative data. Some of factors considered here included the potential margin error an the benefits of pricing. The bronze and gold are some of the packages that would more likely affect the organization financially, this is due to the bronze package having a greater margin error, while the gold providing the most accurate data, still costing almost the same as the potential margin error of the bronze package. If security is a priority on this investment then the silver package would be my suggestion.2.) 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.

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 O 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 • . O 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 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 O 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 • . O 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