{% extends "global/Page.html" %}
{% load staticfiles otree %}

{% block title %}
Instructions
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<div class="instructions well well-lg">

    <h2>Quiz - Explanations</h2>
<br>
    <p><b>You are a buyer. Your valuation for the good is 50 points.
        You submit a bid of 40 points and a seller accepts this bid. What are your earnings (in points)?</b></p>

    <p>If you, as a buyer, make a bid of 40 and a seller accepts it, trade occurs at the price 40. Hence, you earn:
        your valuation – price = 50 – 40 = <b>10 points</b>.</p>
    <br>

    <p><b>You are a seller. Your production costs for the good are 20 points.
        You submit an ask of 25 points and a buyer accepts this ask.
        What are your earnings (in points)?</b></p>

    <p>If you, as a seller, make an offer of 25 and a buyer accepts it, trade occurs at the price 25.
        Hence, you earn: price – production costs = 25 - 20 = <b>5 points</b>.</p>
    <br>
    <p><b>You are a buyer. Your valuation for the good is 40 points. Is it possible to submit a bid of 60 points?</b></p>

    <p><b>No!</b> If you make a bid of 60, you claim to be willing to buy the good at a price of 60.
        However, you only have a valuation of 40 and would thus earn: 40 – 60 = -20 points.
        In order to avoid losses, you are not allowed to make a bid that is higher than your valuation.</p>

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{% block styles %}
<style type="text/css">
    .otree-title {
        text-align: center;
    }
</style>
{% endblock %}