(c) Which of the following are hedging strategies on a commodity for a company which uses the commodity as an input for their production (i.e. they are a buyer of the commodity)? For each of the strategies below, indicate with either a Yes if it is a hedging strategy for the buyer or a No if it is not a hedging strategy for the buyer. Also, provide an brief explanation for why you've selected either a Yes or a No for each strategy. [5 Points] i. ii. iii. iv. V. Selling a call on the commodity Buying a collar position on the commodity Buying a call on the commodity Selling a forward on the commodity A short futures on the commodity (d) For a change in yield to maturity, explain in your own words why the approximate bond price calculated using duration is always less than the fully recalculated bond price using the new yield to maturity. Use a diagram with yield to maturity on the horizontal axis and bond price on the vertical axis to help explain your point. [8 Points]