Q7. A firm opened a long hedge on date t, when the spot price of the underlying commodity was $50/unit and the futures that was used for delivery on date T was trading in the futures market for $55/unit. Later, on date k, the firm traded the commodity in the spot market for $40/unit and closed the hedge, trading the futures at the futures price $46/unit. 7.1 Show a time table that describes the hedge and calculate the firm's final payment/unit. 7.2 Now, suppose that instead of the long hedge above, the firm opened a short hedge. Show the time table that describes this hedge using the same prices given above, and calculate the firm's selling price/unit.