Hello, right now im working on a personal pet project which includes math and ive gotten a bit stumped.
So basically i want to create a formula to find out the individual price of an item if a set amount of people 'bid' an amount of money on said item. Heres how i started looking at it.
The amount of items being sold = v
The amount of people bidding on items = w
amount of money spent in total bids on items = x
individual peoples bids = y
amount a single item costs = z
Basically if 17 people bid various amounts which equaled $4200 i would take that (x) and divide by (w) which = (z) but if we assume that 5 people bid less than whatever (z) is then we would have to refund those people in which case there would be a recalculation and the price would dip slightly.
[(x ÷ w = z) - (y < z)] ÷ v
is what i have ended up with but i have a horrible education i never payed attention in school so honestly i dont have a clue if this is right or not