Buying and Selling Game Contest #11 – 20 Hive to be won

in Economics5 months ago (edited)

Hi Everyone,

BSG_11_THUMB.jpg

Welcome to the ‘Buying and Selling’ Game.


How to play?


The ‘Buying and Selling’ Game involves three simple steps.

  1. Choose one or more of six goods to buy.
  2. Choose the city or town where you will be buying these goods.
  3. 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 Town X is the same as Good A bought in Town Y.

There are zero transaction and transport costs.

All towns 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

Sell_Price_DISTRI.jpg
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 10.

Buy_Sell_C10_Thumb_RESULTS.jpg

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 11, the buying and selling will take place in towns and cities. Bathroom fixtures will be the goods bought and sold in this game.

For this contest, participants have been allocated $18,000 to buy 1 or more bathroom fixtures from any of the 5 fictitious towns or cities. These towns and cities are as follows:

  • Flushville
  • Dunny Town
  • Krapper Hill
  • Bog City
  • Jacks Town

See map below:

Map of Towns and Cities

BSG_11_MAP.jpg

All the bathroom fixtures are available in all 5 towns and cities. The available bathroom fixtures are as follows:

  • Toilets
  • Sinks
  • Showers
  • Bath Tubs
  • Vanity Units
  • Bidets

Table 1 contains the prices of the bathroom fixtures for each town or city.

Table 1: Prices of bathroom fixtures for each town or city

BSG_11_Price.jpg
Note: Bathroom fixtures can only be bought as whole pieces. For example, a participant could only buy 305 showers from Jacks Town, as there is insufficient money to buy the 306th shower.

After buying the bathroom fixtures, the participant must then sell all of bathroom fixtures he or she has bought in just one of the towns or cities 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 (Flushville & Dunny Town)

BSG_11_Range_1.jpg

Table 3: Minimum, maximum, and mode (Krappar Hill & Bog City)

BSG_11_Range_2.jpg

Table 4: Minimum, maximum, and mode (Jacks Town)

BSG_11_Range_3.jpg


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: Bog City
Goods purchased: Bidets
Number purchased: 450
Amount spent on goods: $18,000

Selling
Name of Place: Dunny Town


The closing date and time for this contest is 6PM coordinated universal time (UTC) 15/09/2020. 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.


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Sort:  

Buying

Name of Place: Flushville
Goods purchased: Vanity Units
Number purchased: 209
Amount spent on goods: $17,974
-------And------
Name of Place:Krapper Hill
Goods purchased: Sink
Number purchased: 1
Amount spent on goods: $20

Selling: Vanity Units

Name of Place: Krapper Hill
------And-----

Selling: Sink

Name of Place: Jacks Town

Thank you for yet another contest @spectrumecons .I am glad to participate yet again. Here is my buying strategy
Buying
Name of Place: Flushville
Goods purchased: Vanity Units
Number purchased: 209
Amount spent on goods: $17,974

Selling
Name of Place: Jacks Town

Name of Place: Krapper Hill
Goods purchased: A sink
Number purchased: 1
Amount spent on goods: $20

Selling
Name of Place: Jacks Town

@tipu curate

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