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 $880 per ounce. a. Suppose the spot price of platinum falls to $790 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 $990 after 3 months, does Phoenlx have a profit or loss on the futures contract? d. What is the total lock-In cost