Phoenix Motors wants to lock in the cost of 10,000 ounces of platinum to be used in next quarter's production of catalytic converters. It buys 3-month futures contracts for 10,000 ounces at a price of $990 per ounce. a. Suppose the spot price of platinum falls to $845 in 3 months' time. Does Phoenix have a profit or loss on the futures contract? b-1. Has it locked in the cost of purchasing the platinum it needs? b.2. What is the total lock-in cost? c. If the spot price of platinum increases to $1,045 after 3 months, does Phoenix have a profit or loss on the futures contract? d. What is the total lock in cost