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1)Define intrinsic value & extrinsic value? 2)A producer of a commodity uses which, a call or a put to protect income?What is the synthetic option

1)Define intrinsic value & extrinsic value?

2)A producer of a commodity uses which, a call or a put to protect income?What is the synthetic option created by this hedge?

3)A consumer of a commodity uses which, a call or a put to protect income?What is the synthetic option created by this hedge.

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