4. On Jan. 3, 2019, an orange juice maker makes a European put option contract, expiring on Apr. 3, 2019, with a farmer. The farmer has a right to sell 1 million oranges at $ 5 per each and the farmer has an obligation to buy them at the price. (a) What are the possible outcomes of the farmer's payoff? Use the below table. 2 3 4 5 6 Orange Price on Apr. 3 (ST) Long Put Payoff (max(K - S7,0]) (b) What are the possible outcomes of the juice maker's payoff? Use the below table. 2 3 4 5 6 Orange Price on Apr. 3 (ST) Short Put Payoff (min(ST - K,0]) (c) Plot the long put payoff diagram. (d) Plot the short put payoff diagram