Answer question 3-5 in the pdf, book is attached, chapter 1-3Logic and Bayes’s Theorem, optimal hiring strategy, portfolio management205 points total, i would expect 185/205 cheersHere’s a style guide for all of the written work in this class. In figuring out how to write up answers to homework (and quiz, and midterm, and final) problems, pretend the grader is sitting there with you and you’re having a brief discussion with her/him on each question — that is, write down in a few sentences what you would say to someone to support your position. It’s never enough in this class to just say “yes” or “10.3,” even if the right answer is “yes” or “10.3”; you need to say “yes (or 10.3), because ... .” The right answer with no reasoning to support it, or the wrong reasoning, will get about half credit in this course, as will the wrong answer arrived at with a good effort. Leaving a problem or a part of a problem blank will get no credit.

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 two analysis packages: one based on a sample size of 100 listings, and another based on a sample size of 1,000 listings. Because there is an additional cost for data collection, your company charges more for the package with 1,000 listings than for the package with 100 listings.Sample size of 100 listings:95% confidence interval for the mean of the Northeast house listing price has a margin of error of $25,000Cost for service to B&K: $2,000Sample size of 1,000 listings:95% confidence interval for the mean of the Northeast house listing price has a margin of error of $5,000Cost for service to B&K: $10,000The 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 errorSpending less on data collection and having a larger margin of errorChoosing an option somewhere in the middleFor your initial post: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 both 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