Aramco is facing high volatility in crude oil prices. The current price is $300 per barrel with an upper forecasted ceiling of $320 and a lower forecasted floor of $280. Aramcos monthly output is 1,000 barrels. i. What is the total revenue in each state (good, bad, neutral) if the firm does not hedge its risk? ii. The future price of crude oil for delivery one month ahead is $301. The put option for crude oil over the same period has a premium of $2 per barrel and a strike price of $300 per barrel. How can the firm hedge its risk via futures and options, and what are its revenues in each state under the hedge? iii. What are the differences in hedging when options and futures are used, and what are the positives and negatives in general and in this particular case?