1. A call option on a stock has a delta of 0.3. A trader has sold 1,000 options. What position such as buy or sell and many shares should the trader take to hedge the position and why?

2. A portfolio of derivatives on a stock has a delta of 2400 and a gamma of 10. An option on the stock with a delta of 0.5 and a gamma of 0.04 can be traded. What position in the option is necessary to make the portfolio gamma neutral? Long/Short and how many options and why?
3. The gamma of a delta-neutral portfolio is 500. What is the impact (gain/loss and amount) of a jump of $3 in the price of the underlying asset?
4. A call option on a non-dividend-paying stock has a strike price of $30 and a time to maturity of six months. The risk-free rate is 4% and the volatility is 25%. The stock price is $28. What is the delta of the option?