Consider a call option on an asset with an exercise price of $100, a put option on that same asset with an exercise price of $100, both expiring at the same time. Assume that at the expiration, the current market price of the asset is each of the following two values. Explain what happens from the perspective of the long position for each of the two options.

Miller company’s most recent contribution format income statement is shown below: total per unit sales (20,000 units) $300,000 $15.00 variable expenses 180,000 9.00 contribution margin 120,000 $6.00 fixed expenses 70,000 net operating income $ 50,000 required: prepare a new contribution format income statement under each of the following conditions (consider each case independently): (do not round intermediate calculations. round your "per unit" answers to 2 decimal places.) 1. the number of units sold increases by 15%.