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19 Size Price The following trade quotes were observed during the trading day BID Ask Size 400 Price $12.16 400 Time 300 $12.07 400 $12.10

19 Size Price The following trade quotes were observed during the trading day BID Ask Size 400 Price $12.16 400 Time 300 $12.07 400 $12.10 300 $11.88 10:00 am $12 300 $11.8 1:00pm 2:00pm Assume the following trades take place At 10:00 am the trader placed the order to sell 100 shares. The execution price was $12.11. At 1:00 pm the trader placed an order to sell 300 shares. The execution price was $12.00. At 2:00 pm the trader placed an order to sell 600 shares. The average execution price was $11.75 The volume-weighted average price (VWAP) for the trades is

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