Question 1: See Table 1 below for Data

Table 1: Wheat Futures Prices

Time	Contract date and unit of trading	Futures Price
Beginning Time: Time1 December 4	December Futures 5000 bushels	$8 per bushel
Ending Time: Time 2 December 14	December Futures 5000 bushels	8.30 per bushel

Assume you will go long on this contract in Time 1

1.A. What does it mean? Be precise.

1.B. If you close this contract in Time 2, would you gain or lose and by how much in dollars? Show your calculations.