Suppose that in September you take a short position in a contract on crude oil futures that expires the next May. You close out your position in March. The futures price is $50.50 per barrel when you enter into your contract, $49.30 when you close out your position, and $48.50 at the end of December. One contract is for the delivery of 1,000 barrels. (1 point) What is your total profit? (3 points) How are you taxed if you are: (a) a hedger; (b) a speculator?