Nikopol Extraction stock sells for $30 a share. The risk free interest rate is 3% per year, and the annual standard deviation on Nikopol Extraction stock is 80%. The time to expiration of all options is 9 months. You are short 100 call options on Nikopol Extraction with a strike price of 35. To hedge you position, you can buy or sell Nikopol Extraction stock, or put options on Nikopol Extraction at the money.

Given all this: A: Derive the position you will take if you want to delta hedge your position.

B: Derive the position you will take if you want to delta-gamma hedge your position.