In each of the five problems below:

$($a$)$ Describe the elevator's hedging activity and,

$($b$)$ Compute the profit of the elevator $($ per bushel$)$ using the information in the table Note: Storage cost is $$.\frac{05}{?}$ month $/$ bushel

$\backslash$table$[[$Date$,$Spot Price$/$Bu$.,$March Futures Price$],[$Sept$.1,$$$2\mathrm{.}10,$$$2\mathrm{.}34$