Company x wants to sell 1,000 ounces of copper next month. The current copper price is 100 per ounce. Copper price is forecasted for the next month as below:

Scenarios	Probability	Copper price ( / ounce)
Pessimistic	0.3	80
Expected	0.6	120
Optimistic	0.1	150

Required: Calculate the expected revenues if Company x :

a. Does not arrange a hedge, just sells at the market price.

b. Arranges a one-month future contract to deliver the copper at 115 per ounce.

c.Buys a one-month put option to sell the copper at 130 per ounce, accepting to pay a premium 10 per ounce.

Which course of action should Lonton adopt?