Assume you are a soybean producer. It is the middle of May, and you have just planted your soybeans. You plan on harvesting and selling your soybeans at the end of October. You want to establish a floor price for your soybeans by buying put options. Assume you buy one Nov put option for a premium of $0.30/bu with a strike price of $7.50 per bushel. Also assume that the basis for the Nov soybean futures contract in October is expected to be -$0.25 when you sell your crop. a) Based on the above scenario, calculate the target floor price. b) What would be the final price received if the Nov futures price in October (when you sell your crop) is $5.80/bu, and the basis ends up being -$0.25 as expected? c) What would be the final price received if the Nov futures price in October (when you sell your crop) is $7.60/bu, and the basis ends up being -$0.25 as expected? d) What would be the final price received if the Nov futures price in October (when you sell your crop) is $9.30/bu, and the basis ends up being -$0.25 as expected? e) What would be the final price received if the Nov futures price in October (when you sell your crop) is $5.80/bu, and the basis ends up being -$0.30 instead of -$0.25 as expected? f) Why is the final price received different in e) relative to your answer in b)? Discuss.