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 island where you will be buying these goods.
- Choose the island 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 islands use the same currency.
What information is provided?
- All the islands 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 on each island. 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 7.
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 8, we return to the planet earth. This time we have moved away from cities and towns. The buying and selling will take place on some fictitious islands. The goods to be sold in this game are clothes.
For this contest, participants have been allocated $1,000 to buy 1 or more clothing items from any of the 5 fictitious islands. These islands are as follows:
- Resta Resta
- Ruinous Island
- Form Island
- Kingdom Island
- Southest Island
See map below:
Map of Islands
All clothes are available on all 5 islands. The available clothing items are as follows:
- Trousers
- T-shirts
- Dresses
- Skirts
- Jackets
- Shirts
Table 1 contains the prices of the clothing items for each island.
Table 1: Prices of Clothing Items for each island
Note: Clothes can only be bought as whole pieces. For example, a participant could only buy 71 t-shirts from Southest Island, as there is insufficient money to buy the 72nd t-shirt.
After buying the clothing items, the participant must then sell all of the clothing items he or she has bought on 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 (Resta Resta & Ruinous Island)
Table 3: Minimum, maximum, and mode (Form Island & Kingdom Island)
Table 4: Minimum, maximum, and mode (Southest 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: Form Island
Goods purchased: Trousers
Number purchased: 45
Amount spent on goods: $990
Selling
Name of Place: Kingdom Island
The closing date and time for this contest is 6PM coordinated universal time (UTC) 03/07/2020. 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
Buying
Name of Place: Ruinous Island
Goods purchased: shirts
Number purchased: 40
Amount spent on goods: $1000
Selling
Name of Place: Kingdom Island
@spectrumecons Please find my entry for the contest #8
Buying
Name of Place: Kingdom Island
Goods purchased: Jackets
Number purchased: 25
Amount spent on goods: 1000$
Selling
Name of Place: Southest Island
Buying
Name of Place: South East Island
Goods purchased: T-Shirt
Number purchased:71
Amount spent on goods:994
Selling
Name of Place: Kingdom Island
Considering selling at max price.
I always see very few participants in the contest...I shared it on our IU server...hope this time user might be more interested to join in...and get with the calculation👍
Thanks, let's hope so. 20 Hive is a reasonable prize and the game is not that difficult.
Indeed, it helps to get the mind refreshed , with some calculation.
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