Merry Christmas and Happy New Year to Everyone,
Welcome to the ‘Buying and Selling Game’ Christmas 2021 Edition results post. This post contains a video of the ‘Buying and Selling Game’ Excel Model generating the demand for candies and toys, quantities sold, and profits for each participant for this contest.
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 decide if they want to buy and sell candies or toys. They are allocated a budget to spend on their choice of candies or toys. They are given a choice of three types of candies (chocolates, toffees, or jellies) or toys (plush toys, robots, or bobbleheads) to buy and sell. They are required to buy them in combinations specified in the question. The participants are required to set the prices of the candies or toys they have bought. All costs are provided in the question. However, demand for each good is not provided.
The demand for the candies and toys are determined with an Excel Model, which uses triangle distributions. The participants are informed of the minimum, maximum, and mode values used to determine these distributions in the contest question. The Excel Model uses the calculated demand and prices entered by the participants to calculate the number of candies or toys they have 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 from selling candy wins 20 Hive. The participant with the highest profit from selling toys wins 20 Hive. Whoever has the highest profit overall wins an additional 10 Hive. Therefore, 50 Hive will be given away.
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 winners may win an additional 5 Hive if he or she has a profit higher than the profit generated by the model estimator.
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.
Figures 1, 2, and 3 contain the model-generated demand curves for chocolates, toffees, and jellies respectively.
Table 1 contains responses, quantity sold, revenue, and the profit made by each participant.
Congratulations to @adedayoolumide for making the highest profit (in this case, the lowest loss) from buying and selling candies.
@adedayoolumide purchased 100 bags of chocolates at $2 per a bag, 300 toffees at $1.40 per a bag, and 180 bags of jellies at $1 per a bag. They were priced to sell at $7, $5, and $2 respectively. At those prices, 55 bags of chocolates, 7 bags of toffees, and 117 bags of jellies were sold. A total revenue of $654 ($385 for chocolates, $35 for toffees, and $234 for jellies) was generated. The total cost for purchasing these candies was $1,000 ($200 for chocolates, $420 for toffees, $180 for jellies, and $200 for daily overhead). @adedayoolumide’s total profit was -$346.
Figures 4, 5, and 6 contain the model-generated demand curves for plush toys, robots, and bobbleheads respectively.
Table 2 contains responses, quantity sold, revenue, and the profit made by each participant.
Congratulations to @emeka4 for making the highest profit from buying and selling toys.
@emeka4 purchased 50 plush toys at $8 per a toy, 10 robots at $15 per a toy, and 20 bobbleheads at $5 per a toy. They were priced to sell at $25, $60, and $15 respectively. At those prices 37 plush toys, 10 robots, and 20 bobbleheads were sold. A total revenue of $1,825 ($925 for plush toys, $600 for robots, and $300 for bobbleheads) was generated. The total cost for purchasing these toys was $850 ($400 for plush toys, $150 for robots, $100 for bobbleheads, and $200 for daily overhead). @emeka4’s total profit was $975.
@emeka4 was unable to achieve a higher profit than the estimator. @emeka4 could have made a higher profit by buying and selling more bobbleheads. Boobleheads had a flatter demand curve, which could have enabled a higher price for higher quantities.
The overall winner of the Christmas 2021 Edition of the Buying and Selling Game is @emeka4. Congratulations on making the highest profit. Choosing toys over candies was a smart move. Toys sold for much higher prices than candies. Considering we assumed that both candies and toys had the same number of potential customers (100 with the possibility of buying up to six of each type of candy or toy), it was easier to make a higher profit selling toys.
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.
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.