A Market for Oranges
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- Half of you are buyers, half are sellers.
- Buyers can submit Bids. Sellers can submit Asks.
- Use the slider to choose a value and press Bid or Ask
- You buy an orange if:
- you click "Buy at Lowest Ask" OR
- you have the highest Bid and someone either clicks "Sell at Highest Bid" or asks less than your Bid.
- You sell an orange if:
- you click "Sell at Highest Bid" OR
- you have the lowest Ask and someone either clicks "Buy at Lowest Ask" or bids more than your Ask.
- The price of every transaction in your group is depicted in the chart on your screen.
- Buyers: The item's value is displayed on your screen. For each item you purchase
- Earnings = item value - price you pay
- Sellers: The item's cost is displayed on your screen. For each item you sell
- Earnings = price you receive - item cost
- Total earnings is equal to the sum of earnings from all your transactions.
- Transaction price = $1.08
- Value to buyer = $1.32; Cost to seller = $0.74
Buyer |
Value |
– |
Price |
= |
Earnings |
|
$1.32 |
– |
$1.08 |
= |
$0.24 |
Seller |
Price |
– |
Cost |
= |
Earnings |
|
$1.08 |
– |
$0.74 |
= |
$0.34 |