A company will buy 1000 units of a certain commodity in one year. It decides to hedge 80% of its exposure using futures contracts. The spot price and the futures price are currently $90 and $80, respectively. The spot price and the futures price in one year turn out to be $102 and $100, respectively. What is the average price paid for the commodity?

On March 1 the price of a commodity is $1,050 and the December futures price is $1,065. On November 1 the price is $1030 and the December futures price is $1031. A producer of the commodity entered into a December futures contracts on March 1 to hedge the sale of the commodity on November 1. It closed out its position on November 1. What is the effective price (after taking account of hedging) received by the company for the commodity?