4 The following quotes were observed for Billsby Corp. (ticker: BILL) on the two dates indicated below. Complete parts a through c. Billsby Corp. BILL Billsby Corp. BILL July 16 July 17 Bid $ 14.58 Bid $ 15.05 Ask $ 14.62 Ask $ 15.12 You made a loss of $193.5. b. Suppose you decide to use limit orders instead of market orders. On July 16, you put in a limit order to buy 450 shares of BILL at $14.60 per share. On July 17, you put in a limit order to sell 450 shares of BILL at $15.11 per share. Both orders were executed on their respective days. Assuming no brokerage commissions, how much of a gain or loss did you make? (Round to two decimal places.) You made a loss of $229.5 c. What are the trade-offs between using market orders and limit orders? limit order or it may Market orders are executed instantaneously; it may take some time before a counterparty accepts your be the case that your limit order is never executed. Using limit orders, you buy at the ask and sell at the bid, so the bid-ask spread is an implied transaction cost. Using market orders, you can buy closer to the bid and sell closer to the ask; thus you can avoid much or all of the bid-ask spread as a transaction cost