Grand Blanc received an order to sell 1 million units of Magic Bullet at a price of $15.00 to be delivered one year from today. No futures contract is available on Magic Bullet. However, a futures contract on Wishful Thinking is trading at 3,000 today and the value of one contract today is 250 times its price. The o of price changes in Magic Bullet is $25 and Wishful Thinking is 15. The correlation between the price changes between these two commodities is 0.75. Grand Blanc would like to hedge the value of this order. (Points: 1 + 2) a. What would be proper: Long or Short Hedge? b. How many futures contracts of Wishful Thinking would be needed?