| PU=O.5 F1,2=4 > F2'2=4 F1,2=2 > F2,2=2 Pd=0.5 (b) Assume hedger takes hedge ratio as h*, i.e, if the risk exposure is a long position of 100 units of spot commodity, to hedge the risk, hedger will short 100h* futures underlying on that commodity. Please answer the questions in the right panel in analogy to the left panel, by lling the blanks in j) -r) below [6 marks in total, 0.5 marks each]