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 planet where you will be buying these goods.
- Choose the 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 Planet X is the same as Good A bought on Planet Y.
There are zero transaction and transport costs.
All planets use the same currency.
What information is provided?
- All the 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
How are the results of the game determined?
A Microsoft Excel Model is used to determine the selling prices of each good on each 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 5.
Contest Prizes
The account with the winning entry will receive 20 Hive and 10 random entries will be given upvotes.
Let the contest begin
For Contest 7, we are heading into outer space for some interplanetary buying and selling of garden tools.
For this contest, participants have been allocated $20,000 to buy 1 or more garden tools from any of the 5 fictitious planets. These planets are as follows:
- Great Green
- Stellar Twist
- Habit Bal
- Burnpa
- Woodfeld
See map below:
Map of Planets
The garden tools are available on all 5 planets. The available garden tools are as follows:
- Electric Lawn Mowers
- Petrol Lawn Mowers
- Electric Strimmers
- Chainsaws
- Hedge Trimmers
- Leaf Blowers
Table 1 contains the prices of the garden tools for each planet.
Table 1: Prices of Garden Tools for each planet
Note: Garden tools can only be bought as whole pieces. For example, a participant could only buy 222 electric lawn mowers from Stellar Twist, as there is insufficient money to buy the 223rd electric lawn mower.
After buying the garden tools, the participant must then sell all of the garden tools he or she has bought on just one of the planets 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 (Great Green & Stellar Twist)
Table 3: Minimum, maximum, and mode (Habit Bal & Burnpa)
Table 4: Minimum, maximum, and mode (Woodfeld)
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: Woodfeld
Goods purchased: Hedge Trimmers
Number purchased: 333
Amount spent on goods: $19,980
Selling
Name of Place: Great Green
The closing date and time for this contest is 6PM coordinated universal time (UTC) 17/06/2020. Responses after this time will not be accepted. The answers will be provided in the results post along with the video containing the generation of selling prices using the model.
I hope everyone has fun and enjoys this contest.
More information
If you want to know more about the ‘Buying and Selling’ Game, I suggest that you watch the following video:
If you have any questions, feel free to ask in the comments section.
More posts
If you want to read any of my other posts, you can click on the links below. These links will lead you to posts containing my collection of works. These 'Collection of Works' posts have been updated to contain links to the Hive versions of my posts.
Future of Social Media
@spectrumecons Please Find My Entry For The Contest 7.
Buying
Name of Place: Burnpa
Goods purchased: Chainsaws
Number purchased: 200
Amount spent on goods: 20000$
Selling
Name of Place: Great Green.
Thank you for entering.
@spectrumecons first of all I don't know about this community. I will be now posting more economy related post in this community. Thanks for making this beautiful community.
BUYING
Name of Place: BURNPA
Goods Purchased: PETROL LAWN MOWERS
Number Purchased: 71
Amount Spent on Goods: 19,880
SELLING
Name of Place: STELLAR TWIST
Welcome to the contest. You are my first participant this week.
BUYING
Name of Place: Woodfeld
Goods Purchased: Electric Lawn Mowers
Number Purchased: 200
Amount Spent on Goods: 20000
SELLING
Name of Place: Burnpa
Finally I am making a official entry 🙂. @spectrumecons
That's awesome, welcome to the game. You got in just before the deadline.
Indeed but I made it..🙂 it was slipping from my mind everyday, though I bookmarked the post earlier and finally just rush through