In July 2021, a sheep farmer became concerned that by the time she sells her crop of 19,500 kg of wool in November 2021 that the price would fall from its current $19.40 per kg to less than her $18.40 per kg break-even price. One wool contract is for 2,500 kg, and September and December wool futures prices are $18.90 and $18.70 respectively. i) Use the table below to show how the sheep farmer can 'lock in' a profit for her business by entering and subsequently reversing a futures market position, if in November, the spot and December futures prices are $17.90 per kg and $17.80 per kg respectively. Date of activity Futures market activity Physical market activity Specifically identify: ii) Profit on futures: Overall (hedged) revenue from wool: iii) Effective (hedged) price per kilogram: In July 2021, a sheep farmer became concerned that by the time she sells her crop of 19,500 kg of wool in November 2021 that the price would fall from its current $19.40 per kg to less than her $18.40 per kg break-even price. One wool contract is for 2,500 kg, and September and December wool futures prices are $18.90 and $18.70 respectively. i) Use the table below to show how the sheep farmer can 'lock in' a profit for her business by entering and subsequently reversing a futures market position, if in November, the spot and December futures prices are $17.90 per kg and $17.80 per kg respectively. Date of activity Futures market activity Physical market activity Specifically identify: ii) Profit on futures: Overall (hedged) revenue from wool: iii) Effective (hedged) price per kilogram