Consider the following set of orders for the VOD stocks

Time	Traders	Order Side	Size	Price
10:00	ABC	Sell	4	20
10:05	DEF	Buy	3	21
10:08	GHI	Buy	5	20
10:09	JKL	Sell	5	22
10:10	MNO	Buy	7	18
10:15	PQR	Sell	7	Market
10:18	STU	Sell	5	19
10:20	VWX	Buy	6	Market
10:30	YZ	Sell	4	21

Assume that the above orders are sent to a single-price call auction.

1. Apply price and time priority, match the orders, find the equilibrium price and list all the possible trades. Show the order book with all the orders that remain unexecuted after the call auction. Explain the options available for the unexecuted orders.
2. Make appropriate assumptions, draw the demand and the supply schedules, and compute the traders' total surplus. Explain what the total surplus represents and why we measure it.

3. Consider sending the same set of orders to a continuous two-sided auction. Apply price-time priority and the discriminatory pricing rule and list the first 3 trades.. Compute the trading surplus for these 3 trades. Compare and contrast single-price auctions and continuous two-sided auctions.