What is an option in each of the following cases? Is it possible to say whether is its a call or a put option? 1. Western Telecom commits to production of digital switching equipment specifically designed for the European market. As a stand-alone venture the project has a negative NPV but it is justified by the need for a strong market position in the rapidly growing and potentially very profitable market. 2. Western Telecom vetoes a fully integrated, automated and tailor-made production line for the new dig- ital switches. It will rely on standard, less expensive equipment even though the automated production line would be more efficient overall using the specialized equipment, according to a discounted cash flow calculation. 3. Mount Fuji Airways buys a jumbo jet with special equipment that allows the plane to switch quickly from freight to passenger use or vice versa. 4. DM Ltd. postpones a major plant expansion, in spite of the fact that it has a positive NPV on a discounted cash-flow basis. But the top management wants to get a better fix on a product demand before proceeding