Buying and Selling Game Contest #12 – 30 Hive to be won

in Economicslast month

Hi Everyone,

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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, town or planet where you will be buying these goods.
  3. Choose the city, town 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.

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 cities, towns and planets use the same currency.

What information is provided?


  • All the cities, towns 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

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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 11.

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Contest Prizes


The account with the winning entry will receive 30 Hive and the first 12 entries will be given upvotes.

Let the contest begin


For Contest 12, the buying and selling game returns to outer space. This time our space friends are buying and selling candies.

For this contest, participants have been allocated $1,000 to buy 1 or more candies from any of the 5 fictitious planets. These planets are as follows:

  • Bahloom
  • Scramma
  • Meeter
  • Morganma
  • Blath

See map below:

Map of Planets

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All the candies are available in all 5 planets. The available candies are as follows:

  • Chocolates
  • Mints
  • Liquorice
  • Nougat
  • Toffees
  • Jelly

Table 1 contains the prices of the candies for each planet

Table 1: Prices of candies for each planet

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Note: Candies can only be bought as whole pieces. For example, a participant could only buy 588 liquorice from Scramma, as there is insufficient money to buy the 589th liquorice.

After buying the candies, the participant must then sell all of the candies he or she has bought in 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 (Bahloom & Scramma)

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Table 3: Minimum, maximum, and mode (Meeter & Morganma)

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Table 4: Minimum, maximum, and mode (Blath)

BSG_Spread_3_12.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: Meeter
Goods purchased: Nougat
Number purchased: 526
Amount spent on goods: $999.40

Selling
Name of Place: Scramma


The closing date and time for this contest is 6PM coordinated universal time (UTC) 20/10/2020. 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

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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.

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My New CBA Udemy Course

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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.

Future of Social Media

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Sort:  

Name of place: meeter
Goods purchased: mints
Number purchased: 952
Amount spent: 999.6

Selling
Name of place: morganma

Nombre del lugar: Bahloom
Bienes comprados: Chocolates
Número comprado: 526
Monto gastado: 999.5

Vender
Nombre del lugar: morganma

Nombre del lugar:Morganma
Bienes comprados: Caramelos
Número comprado: 950
Monto gastado: 999.5

Vender
Nombre del lugar: Meeter

Nombre del lugar: Meeter
Bienes comprados: gelatinas
Número comprado: 625
Monto gastado en bienes: $ 999.50

Nombre de venta del lugar: Bahloom

Thank you for yet another contest @spectrumecons ,here is my entry for this one
Buying
Name of Place: Morganma
Goods purchased: Chocolates
Number purchased: 500
Amount spent on goods: $ 1,000

Selling
Name of Place: Bahloom

Good luck to all the contenders :}

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this is amazing