{% load otree_tags staticfiles %}

<div class="instructions well well-lg">

    <h3 class="panel-sub-heading">
        Overview of calculations
    </h3>

    <p>
        <b>REVENUES:</b>
    </p>
    <p>
        If an agreement is reached:
    </p>
    <p style="margin-left: 20px">
        <u>Vintner</u>: revenue  =  <I>wholesale price</I> &times {{ Constants.units }} units  -  {{ Constants.production_cost }}
        &times {{ Constants.units }} units
    </p>
    <p style="margin-left: 20px">
       <U>Supermarket</U>: revenue  =  {{ Constants.market_price }} &times {{ Constants.units }} units  -
        <i>wholesale price</i> &times {{ Constants.units }} units
    </p>
    <p>
        If no agreement is reached, each participants revenue is equal to {{ Constants.payoff_if_rejected }}.
    </p>
    <p><br></p>

    <p>
        <b>REAL PAYOFFS:</b>
    </p>
    <p style="margin-left: 20px">
        payoff  =  revenue &times 0.02  +  #bonus for participating in the experiment
    </p>











    <p>
        <ul><p  style="margin-left:1em; text-align: justify">
    <li style="text-align: justify">If the <b>{{ Constants.p2 }}</b> accepts the offer:
    <p> </p>
    <p style="margin-left:2em;">
        o	The vintner will produce {{ Constants.units }} {{ Constants.good }} at cost of {{ Constants.production_cost }}
        per unit and sell all of them to the <b>{{ Constants.p2 }}</b> at the <b>wholesale price</b>:
    </p>
    <p style="margin-left:3em;">
    <b>Revenue of the {{ Constants.p1 }} = {{ Constants.units }} &times; wholesale price  &nbsp;-&nbsp;  {{ Constants.units }} &times; {{ Constants.production_cost }}</b>
    </p>
    <p style="margin-left:2em;">
o	The<b> {{ Constants.p2 }}</b> will buy {{ Constants.units }} {{ Constants.good }}, each at cost of the
        <b>wholesale price</b>, and sell all of them to his customers at the market price of {{ Constants.market_price }}:
    </p>
    <p style="margin-left:3em;">
    <b>Revenue of the {{ Constants.p2 }} = {{ Constants.units }} &times;  {{ Constants.market_price}}   &nbsp;-&nbsp;  {{ Constants.units }} &times; wholesale price</b>
    </p>
    <p style="margin-left:1em;">
    <li style="text-align: justify">If <b>the {{ Constants.p2 }}</b> rejects the offer, no agreement will be reached and no {{ Constants.good }}
    will be produced or sold. Therefore, the revenue for both the <b>{{Constants.p1}}</b> and <b>{{ Constants.p2 }}</b> will
    be <b>{{ Constants.payoff_if_rejected }}</b>.</li>




    </div>