Buying and Selling Game Contest #29 – 30 Hive to be won

in Economics3 months ago

Hi Everyone,

BSG_C29_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, town, island or planet where you will be buying these goods.
  3. 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 who 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

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, 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 27 (most recently posted version of this contest).

BSG_C27_THUMB_Results.jpg

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 29, we will be trading between towns and cities. The goods we will be buying and selling are clocks.

For this contest, participants have been allocated $32,000 to buy 1 or more clocks from any of the 5 towns and cities. These towns and cities are as follows:

  • Chime Town
  • Tocksville
  • Buzz City
  • Timeland
  • Pendulum

See map below:

Map of Towns and Cities

BSG_C29_MAP.jpg

All types of clocks are available in all 5 towns and cities. The available clocks are as follows:

  • Alarm Clocks
  • Wall Clocks
  • Cuckoo Clocks
  • Digital Clocks
  • Mantel Clocks
  • Grandfather Clocks

Table 1 contains the prices of each type of clock for each town and city.

Table 1: Prices of clocks for each town and city

BSG_C29_Prices.jpg
Note: clocks can only be bought as whole clocks. For example, a participant could only buy 62 grandfather clocks from Tocksville, as there is insufficient money to buy the 63rd grandfather clock.


After buying the clocks, the participant must then sell all the clocks he or she has bought in just one of the 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 (Chime Town & Tocksville)

BSG_C29_MINMAXMODE_1.jpg

Table 3: Minimum, maximum, and mode (Buzz City & Timeland)

BSG_C29_MINMAXMODE_2.jpg

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

BSG_C29_MINMAXMODE_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: Chime Town
Goods purchased: Mantel Clocks
Number purchased: 640
Amount spent on goods: $32,000

Selling
Name of Place: Tocksville


The closing date and time for this contest is 6PM coordinated universal time (UTC) 27/05/2022. 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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Sort:  

Buying
Name of Place: Chime Town
Goods purchased: Cuckoo Clocks
Number purchased: 410
Amount spent on goods: 31980

Selling
Name of Place: Pendulum

Buying
Name of Place: Chime Town
Goods purchased: Cuckoo Clocks
Number purchased: 410
Amount spent on goods: 31980

Selling
Name of Place: Timeland

Buying
Name of Place: Chime Town
Goods purchased: Cuckoo Clocks
Number purchased: 410
Amount spent on goods: $31,980

Selling
Name of Place: Timeland

Buying
Name of Place: Pendulum
Goods purchased: Mantel Clocks
Number purchased: 941
Amount spent on goods: $31,994

Selling
Name of Place: Buzz City

Buying
Name of Place: Chime Town
Goods purchased: Cuckoo clocks
Number purchased: 410
Amount spent on goods: $31,980

Selling
Name of Place: Buzz City

Buying

Name of place: buzz city
Goods purchased: cuckoo clocks
Number purchased: 250
Amount purchased on goods: 32,000

Selling:

Nameof place: chime town

Name of Place: Pendulum
Goods purchased: Cuckoo clocks
Number purchased: 336
Amount spent on goods: $32,000

Seller: Buzz City

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