For each of the following scenarios, describe a hedging strategy using future contracts. In your answers, you need to specify what type of futures to be used and whether to buy or sell. (a) A corn farmer fears that this year's harvest will be at record high levels across the country. (2 marks) (b) Telstra will pay for its order of iPhones to Apple Inc. in three months in U.S. dollars. (2 marks) (c) A gas-powered electricity generator is concerned about rising cost, (2 marks) (d) A stock mutual fund invests in large blue-chip stocks and is concerned about a possible decline in the stock market after the federal election. (2 marks)