A corn farmer is budgeting for next year's season. Instead of forecasting the crop output, he guarantees a selling a price per bushel to reduce the uncertainty in next year's budget. Assume that the farmer's total operating costs are $1.50 per bushel. The farmer decides to sell corn forward at $3.00 per bushel. If the spot price of corn in 1 year is $3.10 per bushel, what is the farmer's net income per bushel (review tables from handout) and pront/payoff from forward contract? $1.60: 50.10 $1.60:-50.10 $1.50:-50.10 $1.50: 50.10