Hi Everyone,
Welcome to the ‘Buying and Selling Game’ Contest 13 results post. This post contains a video of the ‘Buying and Selling Game’ Excel Model generating the selling prices for each fruit from each island.
Winner determined in this video
What is the Buying and Selling Game?
For the benefit of those who have not entered this contest, here is a brief explanation of how the game works.
Participants are required to buy goods with an allocated amount of money. They are given a choice of 6 goods and all these goods are available in any of the 5 towns, cities, islands or planets in the game. The buying prices of all goods are provided in the question.
The participants are then required to sell all of their goods on a future date. The selling prices for all goods in all towns, cities, islands or planets are not provided. Instead, the question provides a triangle distribution for the selling price of each good in each town, city, island or planet. For the triangle distribution, the minimum, maximum, and mode values are provided.
The participant that has the most money after selling all his or her goods is the winner.
Responses to the contest are made in the comments section of the post. If several participants make the same amount of money, the person who entered (commented) first will win. The format of the required entry is explained in detail in the contest itself.
For a more detailed explanation, you can access the contest post using the following link.
Results of the contest
Table 1 contains the selling prices generated by the ‘Buying and Selling’ Game model for each fruit on each island.
Table 1: Selling prices of all fruit on all islands
Table 2 contains responses and the profit made by each participant.
Table 2: Participant responses and profit
Congratulations to @sinahit for winning Contest 13 of the 'Buying and Selling’ Game.
On Paradise Island, he bought 1250 mangoes at $1.60 each. He paid total of $2,000.
On Utopian Island, he sold the 1250 mangoes at $2.276 each. He received a total of $2,845. Therefore, he made a profit of $845 (2,845 – 2,000).
Highest possible profit
@sinahit’s strategy also produced the highest possible profit for this week’s game. By obtaining the highest possible profit, @sinahit has been awarded an additional 5 Hive. This brings his winnings to 35 Hive.
Table 3: Lowest buying price and highest selling price
I would also like to thank @razielmorales, @jeffersom, and @praticaleric for participating.
Tips for future games
To achieve the best chance of winning the game (i.e. earning the highest profit). Participants need to make the best use of the information they are given. The participant should buy from the place that sells the good at the lowest price and sell at the place that will offer the highest price.
To inform the decision further, participants should also consider the mean and median prices for each good in each place. The mean and median for a triangle distribution can be calculated using the following formulae.
Mean = (Minimum + Maximum + Mode)/3
Median when Mode ≥ (maximum – minimum)/2 (i.e. mode closer to maximum)
Minimum + (((maximum – minimum) × (mode – minimum))/2)0.5
Median when Mode ≤ (maximum – minimum)/2 (i.e. mode closer to minimum)
Maximum - (((maximum – minimum) × (maximum – mode))/2)0.5
Proof Median
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.
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