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 $1,690 per ounce Suppose the spot price of platnim falls to SS20 in 3 months' time Does Phoenix have a proft or loss on the futures contract? b-1. Has it locked in the cost of purchasing the platinum it needs? O Yes ?No b-2. What s the otal lock-n cost C Prev E Next> o B 4 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 $1,690 per ounce Suppose the spot price of platnim falls to SS20 in 3 months' time Does Phoenix have a proft or loss on the futures contract? b-1. Has it locked in the cost of purchasing the platinum it needs? O Yes ?No b-2. What s the otal lock-n cost C Prev E Next> o B 4