Buying and Selling Game Contest 19 Results (Business Version)

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    spectrumecons

    Published on May 24, 2021
    About :

    Hi Everyone,

    BS_BV_C19_THUMB_RESULTS.jpg

    Welcome to the ‘Buying and Selling Game’ (Business Version) Contest 19 results post. This post contains a video of the ‘Buying and Selling Game’ Excel Model generating the demand for each good, quantities sold, and profits for each participant for this contest.

    Winner determined in this video


    What is the Buying and Selling Game (Business Version)?


    For the benefit of those who have not entered this contest, here is a brief explanation of how the game works.

    The participants are required to buy or produce goods with an allocated budget. They are given a choice of three types of goods to buy or produce. They are required to buy or produce these goods in combinations specified in the question. The participants are required to set the prices of the goods they have bought or produced. All costs are provided in the question. However, demand for each good is not provided.

    The demand for the goods are determined using an Excel Model using triangle distributions. The participants are informed of the minimum, maximum, and mode values used to determine these distributions. The Excel Model uses the calculated demand and prices entered by the participants to calculate the number of goods sold. The prices, costs, quantities bought or produced, and quantities sold are used to determine the profit for each participant.

    The participant with the highest profit after selling 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 profit, the person who entered (commented) first will win. The account with the winning entry will receive 30 Hive and the first 12 entries will be given upvotes. If nobody makes a profit (i.e. zero or negative), the prize will be rolled over to the next contest.

    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.

    BS_BV_C19_THUMB.jpg

    Results of the contest


    Figures 1, 2, and 3 contain the model-generated demand curves for powdered, iced, and jam doughnuts respectively.

    Figure 1: Model Generated Demand Curve for Powdered Doughnuts

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    Figure 2: Model Generated Demand Curve for Iced Doughnuts

    G2_C19_Price.jpg

    Figure 3: Model Generated Demand Curve for Jam Doughnuts

    G3_C19_Price.jpg
    I apologise for the lower quality images. I accidently refreshed before I could include them in the post. These images are taken from the video.

    Table 1 contains responses, quantity sold, revenue, and the profit made by each participant.

    Table 1: Participant responses and profit

    Results.jpg

    Congratulations to @razielmorales for winning Contest 19 (first business version) of the 'Buying and Selling’ Game.

    @razielmorales produced 60 powdered doughnuts at $0.20 per a doughnut, 60 iced doughnuts at $0.30 per a doughnut, and 60 jam doughnuts at $0.50 per a doughnut. She priced them to sell at $0.80, $0.90, and $1.00 respectively. At those prices, she managed to sell 54 powdered doughnuts, 60 iced doughnuts, and 60 jam doughnuts. She generated a total revenue of $157.20 ($43.20 for powdered doughnuts, $54 for iced doughnuts, and $60 for jam doughnuts). The total cost of producing these doughnuts was $80 ($12 for powdered doughnuts, $18 for iced doughnuts, $30 for jam doughnuts, and $20 daily overhead). @razielmorales total profit was $77.20.

    I would also like to thank @tamdike, @jeffersom, and @sinahit for participating.


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