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 or town where you will be buying these goods.
- Choose the city or town 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 in City X is the same as Good A bought in City Y.
There are zero transaction and transport costs.
All cities use the same currency.
What information is provided?
- All the cities and towns 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 or town. 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 8.
Contest Prizes
The account with the winning entry will receive 20 Hive and the first 12 entries will be given upvotes.
Let the contest begin
For Contest 9, the buying and selling will take place in fictitious towns and cities. Home entertainment goods are to be bought and sold in this game.
For this contest, participants have been allocated $50,000 to buy 1 or more home entertainment items from any of the 5 fictitious cities or towns. These cities and towns are as follows:
- Serious City
- Spaceage Town
- Magical Kingdom
- Majestaville
- Laidbacksville
See map below:
Map of Cities and Towns
All the home entertainment items are available in all 5 cities and towns. The available home entertainment items are as follows:
- Televisions
- Smart Televisions
- Game Consoles
- Radios
- DVD Players
- Stereos
Table 1 contains the prices of the home entertainment items for each city or town.
Table 1: Prices of Home Entertainment Items for each city or town
Note: Home entertainment can only be bought as whole pieces. For example, a participant could only buy 227 game consoles from Laidbacksville, as there is insufficient money to buy the 228th game console.
After buying the home entertainment items, the participant must then sell all of the home etertainment items he or she has bought on just one of the cities or towns 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 (Serious City & Spaceage Town)
Table 3: Minimum, maximum, and mode (Magical Kingdom & Majestaville)
Table 4: Minimum, maximum, and mode (Laidbacksville)
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: Serious City
Goods purchased: Radios
Number purchased: 833
Amount spent on goods: $49,980
Selling
Name of Place: Spaceage Town
The closing date and time for this contest is 6PM coordinated universal time (UTC) 29/07/2020. 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
Arggg....I seriously would have missed it....it took quite a time for this round , just a quick one....a wild guess with not much working...
Buying
Name of Place: Magical Kingdom
Goods purchased: Television
Number purchased: 41
Amount spent on goods: 49200
Selling
Name of Place: Laidbacksville
Looks like you got in just in time. I'll have the results up in a few days.
Love the mockup art! 🤣
The thing you are doing here has some sort of "I remember doing something like this while at Uni".
Thanks @forykw. I always enjoy adding pictures to my posts.
Just had a second pass... Maybe I can find some economics for this. Be'hold.
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Hope I'm not too late 😫😫 my friend @spectrumecons
There's still time left. The post has a countdown on it.
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