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A trader enters into a short cotton futures contract when the futures price is 5 0 cents per pound. The contract is for the delivery

A trader enters into a short cotton futures contract when the futures
price is 50 cents per pound. The contract is for the delivery of 50,000
pounds. How much does the trader gain or lose if the cotton price at the
end of the contract is (a)48 cents per pound; (b)51 cents per pound?

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