Question 1.) Thelma purchases two options in July, each to buy 100 shares of Intel in October at $30. Jerry owns 200 shares of Intel and sells two of the same options on the same day.

1a: The options Thelma bought and Jerry wrote are considered part of the same ______________.

1b: If these were the only two people that day who executed a transaction for these particular options, would they be legally contracted with each other? Explain.

1c: Is Thelma's subsequent position considered "naked"?

1d: How does the issuance of options as a result of this transaction differ from an IPO for stock?