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3) Consider the following limit-order book of a specialist. Limit Buy Orders Limit Sell Orders Price($) Shares Price ($) Shares 49.75 500 50.25 100 49.50

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3) Consider the following limit-order book of a specialist. Limit Buy Orders Limit Sell Orders Price($) Shares Price ($) Shares 49.75 500 50.25 100 49.50 800 51.50 100 49.25 500 54.75 300 49.00 200 58.25 100 48.50 600 (a) What is the quoted spread for this stock? (b) If a market sell order for 200 shares comes in, at what price(s) will it be filled? (c) If a market buy order for 100 shares comes in, at what price(s) will it be filled? (d) If a market buy order for 300 shares comes in, at what price(s) will it be filled

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