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.
If nobody makes a profit (i.e. nobody enters the contest or if all participants make a loss), the prize of 30 Hive will be rolled over to the next contest. Therefore, the prize for the next contest will be 60 Hive.
Game assumptions
All goods of the same type are identical; for example, Good A bought in Town X is the same as Good A bought in Town 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 16.
Contest Prizes
The account with the winning entry will receive 30 Hive and the first 12 entries will be given upvotes. The most profitable buying and selling price combination is also calculated. If the winner adopts this strategy he or she will receive an additional 5 Hive.
Let the contest begin
For Contest 17, buying and selling will take place between small local towns and villages. These towns and villages specialise in bath products.
For this contest, participants have been allocated $2,500 to buy 1 or more bath products from any of the 5 small towns and villages. These small towns and villages are as follows:
- Wetlands
- Bright Creek
- Marsh Town
- Lake View
- Green Loch
See map below:
Map of Small Towns and Villages
All bath products are available in all 5 small towns and villages. The available bath products are as follows:
- Shampoo
- Conditioner
- Soap
- Body Wash
- Bath Salts
- Bubble Bath
Table 1 contains the prices of each bath product for each small town and village.
Table 1: Prices of bath products for each small town or village
Note: Bath products can only be bought as whole pieces. For example, a participant could only buy 781 bottles of body wash from Lake View, as there is insufficient money to buy the 782nd bottle of body wash.
After buying the bath products, the participant must then sell all the bath products he or she has bought in just one of the small towns or villages 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 (Wetlands & Bright Creek)
Table 3: Minimum, maximum, and mode (Marsh Town & Lake View)
Table 4: Minimum, maximum, and mode (Green Loch)
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: Lake View
Goods purchased: Bubble Bath
Number purchased: 462
Amount spent on goods: $2,494.80
Selling
Name of Place: Green Loch
The closing date and time for this contest is 6PM coordinated universal time (UTC) 23/03/2021. 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.
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