1. Question 1 (Trading in limit order books). This question is based on lecture 13. Below is the current state of the limit order book: Order num Price Quantity Order type 1 $24 20 Limit sell 2 $23 20 Limit sell 3 $22 10 Limit sell 4 $20 5 Limit buy 5 $19 10 Limit buy 6 $18 15 Limit buy (a) What is the mid-price, and what is the bid-ask spread? What is the maximum quantity (number of shares) one can buy or sell using a single market order? (b) Suppose you submit a market buy order for 15 shares. What is the average per-share price at which your order will be executed? Assuming that no new limit orders are submitted, what will happen to the mid-price? *Created with help and feedback from Rachel Nelsen. (c) Suppose you submit a limit buy order for 15 shares at $19.5. Where would your order be inserted into the limit order book] What will be the mid price and bid-ask spread after the submission of your limit order