Buying and Selling Game Contest #8 – 20 Hive to be won

in hive-112018 •  last month  (edited)

Hi Everyone,

Contest8_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 island where you will be buying these goods.
  3. 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

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 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.

BSG_Contest_THUMB_RESULT.jpg

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

Island_Map.jpg

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

Buying_Price_C8.jpg
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)

Selling_Price_C8_1.jpg

Table 3: Minimum, maximum, and mode (Form Island & Kingdom Island)

Selling_Price_C8_2.jpg

Table 4: Minimum, maximum, and mode (Southest Island)

Selling_Price_C8_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: 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.


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Sort Order:  

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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