To hedge its exposure to the price of oil, an airline buys a call option on oil with the exercise price Kc and sells a put option with the exercise price Kp (Kp < Kc). Both contracts have the same size chosen such as to hedge the entire exposure, and their premiums are equal. On a diagram, show a) The unhedged exposure as a function of the future spot price of oil b) The gain from the call option as a function of the future spot price of oil c) The gain from the put option as a function of the future spot price of oil d) The hedged exposure as a function of the future spot price of oil