The following questions use the table below about an end user needing soybean oil. One contract is for 60,000 lbs. 1) Is the individual concerned about price increasing or decreasing? 2) What is the initial action in the futures market: buy or sell? 3) What is the cash price paid/received by the individual later on a per unit basis? 4) Did the individual earn a profit or loss in this hedging situation? Enter profit or loss in the following blank. 5) What is the value (i.e. amount) of the profit/loss on the hedge for one contract (signs matter)? 6) What is the hedged price per pound on this transaction? 7) If the individual didn't hedge, what would have been the price paid/received for the cash commodity on a per unit basis? 8) The individual made the right decision to hedge: Yes or No