Combination β = 0.9 *1/3+1.5 *1/3+2.1/3 =1.5.

①:

Standard & Poor's. P500 now refers to the decline:1430-1287 =143 decline:1430 *100 =10%.

The market value of the stock has shrunk:10% * β =10% *1.5 =15%.

Decrease in market value: 300 * 15% = 45 (ten thousand dollars)

In June, the stock market value 10: 300-45 = 255 (ten thousand dollars).

The stock contract of June 10 now refers to: 255/300 *1430 =1215.5 [255 * (1430/300) =/kloc-0.

②:

Sell (short) hedge

Standard & Poor's. P500 futures index fell:1450-1305 =145.

On June 10, the total return of futures contracts:145 * 250 *13 = 471250 (USD) = 47. 125 (USD ten thousand).

Hedging net income: 47. 125-45 = 2. 125 (ten thousand USD)