Hi Everyone,
Welcome to the ‘Buying and Selling’ Game.
How to play?
The ‘Buying and Selling’ Game involves three simple steps.
- Choose one or more of six goods to buy.
- Choose the city, town, island or planet where you will be buying these goods.
- Choose the city, town, island or planet where you will be selling these goods.
All the information you need to know to play the game is provided in the question; i.e. no external research is required as all prices are hypothetical and locations are fictitious.
All entries must be made in the comments section of this post.
Each account is only permitted one entry.
Objectives of the game
The objective of the game is to make the highest profit from the sale of all the goods you have bought. If two participants make the exact same profit, the participant that entered first wins.
Game assumptions
All goods of the same type are identical; for example, Good A bought on Island X is the same as Good A bought on Island Y.
There are zero transaction and transport costs.
All cities, towns, islands and planets use the same currency.
What information is provided?
- All the cities, towns, islands and planets are provided.
- All the goods that can be bought in the game are provided.
- All the buying prices of the goods are provided.
- None of the selling prices of the goods are provided. Instead, a possible range of prices is provided. This range is represented by maximum, minimum, and mode prices (i.e. most frequently occurring price). See diagram below.
Selling Price Distribution
Note: Triangular Distribution
How are the results of the game determined?
A Microsoft Excel Model is used to determine the selling prices of each good in each city, town, island, or planet. These prices will be used to calculate the profits made by each participant. In the results post, the calculation of the selling price will be presented in a video. Below is the results post for Contest 12.
Contest Prizes
The account with the winning entry will receive 30 Hive and the first 12 entries will be given upvotes.
Let the contest begin
For Contest 13, buying and selling will take place between tropical islands. These islands specialise in fresh fruit.
For this contest, participants have been allocated $2,000 to buy 1 or more fruit from any of the 5 fictitious islands. These islands are as follows:
- Paradise Island
- Tropical Island
- Utopian Island
- Bounty Island
- Beautiful Island
See map below:
Map of Islands
All the fruit are available on all 5 islands. The available fruit are as follows:
- Bananas (Bunch of 6)
- Coconuts
- Pineapples
- Mangoes
- Avocados
- Jackfruit
Table 1 contains the prices of the fruit for each island
Table 1: Prices of fruit for each island
Note 1: Fruit can only be bought as whole pieces. For example, a participant could only buy 1081 pineapples from Tropical Island, as there is insufficient money to buy the 1082th pineapple.
Note 2: Bananas are sold in bunches of 6, the prices of bananas given in the question are for a bunch of 6 and not for individual bananas. If you buy bananas state the number of bunches bought and not the number of individual bananas bought. E.g. The price of a bunch of bananas on Paradise Island are $1.40.
After buying the fruit, the participant must then sell all of the fruit he or she has bought in just one of the islands named in the question. Remember, the selling prices are revealed in the results post. These prices are determined using the information provided in Tables 2, 3, and 4.
Table 2: Minimum, maximum, and mode (Paradise Island & Tropical Island)
Table 3: Minimum, maximum, and mode (Utopian Island & Bounty Island)
Table 4: Minimum, maximum, and mode (Beautiful Island)
Entry format
For this contest, I expect to see entries made in the following format:
Buying
Name of Place:
Goods purchased:
Number purchased:
Amount spent on goods:
Selling
Name of Place:
Example of entry
Buying
Name of Place: Paradise Island
Goods purchased: Mangoes
Number purchased: 1250
Amount spent on goods: $2,000
Selling
Name of Place: Utopian Island
The closing date and time for this contest is 6PM coordinated universal time (UTC) 19/11/2020. Responses after this time will not be accepted. The answers will be provided in the results post along with the video containing the generation of selling prices using the model.
I hope everyone has fun and enjoys this contest.
More information
If you want to know more about the ‘Buying and Selling’ Game, I suggest that you watch the following video:
If you have any questions, feel free to ask in the comments section.
More posts
If you want to read any of my other posts, you can click on the links below. These links will lead you to posts containing my collection of works. These 'Collection of Works' posts have been updated to contain links to the Hive versions of my posts.
My New CBA Udemy Course
The course contains over 10 hours of video, over 60 downloadable resources, over 40 multiple-choice questions, 2 sample case studies, 1 practice CBA, life time access and a certificate on completion. The course is priced at the Tier 1 price of £20. I believe it is frequently available at half-price.
Future of Social Media
Thank you for yet another contest @spectrumecons. I am glad to participate and this is my entry;
Buying
Name of Place: Utopian Island
Goods purchased: Avocadoes
Number purchased: 1,000
Amount spent on goods: $2,000
Selling
Name of Place: Tropical Island
As always best of luck to all contenders :}
Hello, this my entry
Buying
Name of Place: Paradise Island
Goods purchased: Coconuts
Number purchased: 1,000
Amount spent on goods: $2,000
Selling
Name of Place: Beautiful Island
Hello my friend, it is not that it is not original but I would love to use your example for my entry I hope it is valid.
Buying
Name of Place: Paradise Island
Goods purchased: Mangoes
Number purchased: 1250
Amount spent on goods: $2,000
Selling
Name of Place: Utopian Island
I love this contest, this is my participation.
Buying
Name of Place: Beautiful Island
Goods purchased: Pineapples
Number purchased: 1500
Amount spent on goods: $2,000
Selling
Name of Place: Utopian Island
Wow, I totally missed your contest. I'm just seeing it now. I hope I won't miss the next edition, have a nice day
Posted Using LeoFinance Beta
Yeah, you just missed it. I'll have another contest in December.