The following diagram shows the value of a put option at expiration:

Ignoring transaction costs, answer the following questions.

a. What is the expiration value of the short position in the put if the stock price is $76?

b. What is the expiration value of the long position in the put if the stock price is $76?

c. What is the value of the short position in the put for stock prices equaling or exceeding $80.