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    Step 3: Calculating Payoffs
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    <p>
        Your decision to let the worker set their own <b>Wage</b> or set the worker’s <b>Wage</b> yourself will be shown to more than one real person acting as a worker. One worker’s decisions will be randomly selected to determine your payoff from the labor market. 
    </p>
    <p>
        You will not learn your payoff immediately after making a job offer. Your payoff will be determined by the worker’s choices. 
    </p>
    <p>
        As stated previously, the firm's payoff is calculated as follows:
    </p>
    <p class="equation">
        Firm payoff = (30 × <b>Production Level</b>) - <b>Wages</b>
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    <p>
        The worker's payoff is calculated as follows:
    </p>
    <p class="equation">
        Worker payoff = <b>Wages</b> - <b>Production Costs</b>
    </p>
    <p>
        Remember, <b>Wages</b>, <b>Production Level</b>, and <b>Production Costs</b> are defined as follows: 
    </p>
    <ul>
        <li>For <u>Firm A</u>, <b>Wage</b> can be one of <u>nine</u> possible amounts: 20, 25, 30, 35, 40, 45, 50, 55, or 60 Lira.</li><br>
        <li>For <u>Firm B</u>, <b>Wage</b> can be one of <u>twelve</u> possible amounts: 20, 25, 30, 35, 40, 45, 50, 55, 60, 65, 70, or 75 Lira.</li><br>
        <li><b>Production Level</b> can be one of ten possible levels: 1, 2, 3, 4, 5, 6, 7, 8, 9, or 10.</li><br>
        <li><b>Production Costs</b> corresponds to each <b>Production Level</b> as follows:</li>
    </ul>
    {{ include '_templates/global/Production_Cost_Table.html' }}
    <p>
        If a worker accepts your job offer, then you will receive your payoffs using the calculations shown earlier. If no worker accepts your job offer, then you will receive a payoff of 0.
    </p>
    <p>
        Now, you will be shown two example scenarios.
    </p>

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