(a) Explain in your own words what we mean when we say futures markets are a zero sum game. (b) Is the stock market a zero sum game? (c) Suppose trader A sells a E-mini S&P 500 index December 2021 expiry (ESZ1) futures contract to trader B on May 7 , 2021. Suppose the price declines and trader A liquidates their position by buying a futures contract five days later on May 12, 2021.

Aproperty title search firm is contemplating using online software to increase its search productivity. currently an average of 40 minutes is needed to do a title search. the researcher cost is $2 per minute. clients are charged a fee of $400. company a's software would reduce the average search time by 10 minutes, at a cost of $3.50 per search. company b's software would reduce the average search time by 12 minutes at a cost of $3.60 per search. which option would have the higher productivity in terms of revenue per dollar of input?