(B) If you have constructed a portfolio consisting of N, units of the underlying asset and Nc call options, then the value of the portfolio is defined as V = NS+NC, where Sunderlying asset price and C is the call price. If you want to hedge the portfolio show Nc that the ratio of calls to shares should satisfy where AS is the change N AC / AS in underlying asset price and AC is the change in call price. (04 marks) 1 9