Q11. What would have happened if you hedged using the nave hedge ratio (HR^N) and nave number of futures contract (NFC^N)? Using the following table, calculate the revenue from selling the live animals in the local cash market, gain/loss from the futures position, total revenue, and net realized price per pound of live animal. Compare the results with the answers to the previous question. (10 points)

Date/Action	Cash Market	Futures Market
June 02, 2020 Action	CP = 106.10 cents/lb.	FP = 114.20 cents/lb.
		_______ _____ Dec. 16 CME LC contracts @ ________ cents/lb.
Oct 28, 2020 Action	CP = 110.90 cents/lb.	FP = 116.40 cents/lb.
	________ 1,000 cattle (1,200,000 lb.) @ ________	_______ _____ Oct. 16 CME LC contracts @ ________ cents/lb.
		Gain / Loss =
Return from Cash Market		=
Return from Futures Market		=
Net Return from Cash and Futures Markets		=
Net realized price of live cattle (cents/lb.)		=