Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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2
Transcribed Image Text:Consider the queued orders in the following
call auction.
Price
Buy Quantity Sell Quantity
$8.01
$8.09
$8.11
$8.20
$8.22
$8.27
$8.34
$8.45
The call price is determined by first
maximising executable volume and then
minimising trading surplus.
If no more orders are entered, the trading
surplus at the call would be:
2900
2300
1800
1900
2600
1700
800
2000
1500
1900
а.
O shares
b.
2,900 shares
C.
2,100 shares
d.
4,900 shares
е.
Other
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