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7-22-2010 @ 10:57PM
@Ghost Dancer:The Law of Supply and Demand states that, in any given market, the maximum revenue is to be found by balancing the price such that Supply is as close as possible to Demand. If you list your items too high, you'll make more money per sale, but less sales overall, and thus lose money. If you list your items too low, then you will make more sales overall, but won't make enough overall to meet the demand. The key is to map out your demand curve and supply curve, find the point where they meet, and establish your price there. This is how economics works, whether you're talking about real markets or in-game markets.How can we accomplish this? Market experimentation. If you list to begin with at your maximum price without even examining current prices, you may find yourself way above market prices, and you're out your listing fee when nobody buys it. If you sell at your minimum price without examining current prices, then you'll screw yourself out of money you may have made. The easiest route to getting a decent price is to examine current market prices, then undercut by a slight amount. Over time, you'll find that you can adjust a little bit to determine at what price people will generally buy - ramp up the price a little at a time until you miss a sale, then you'll know the range people are looking for. As far as extreme undercutting goes, it's a simple matter to buy up all the low-priced auctions and essentially reset the market by listing it all yourself for a "proper" price.
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