An investor is looking to invest $50,00 in a homebuilder stock. She has narrowed down her search to two candidates: Lennar (LEN) and Toll Brothers (TOL). Her only consideration is the stocks liquidity. To assist her decision-making process, here is the electronic limit order books for each stock. BSize and ASize are multiples of 100, that is, a l in those columns corresponds to 100 shares. BidExch Chicago IEXG Composite EDGA NYSE BATS NASDAQ National ARCA EDGX BATS Y NASDAQ OMX BSize 1 1 3 1 3 2 2 1 2 1 1 3 Lennar Bid Ask 52.39 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.41 52.37 52.42 52.36 52.43 52.33 52.44 52.30 52.50 ASize 1 3 1 1 3 3 2 2 1 1 1 2 AskExch Chicago Composite EDGA NASDAQ OMX NYSE NASDAQ ARCA BATS EDGX BATS Y National IEXG BidExch Composite IEXG EDGA National BATS NYSE NASDAQ ARCA Chicago BATS Y EDGX NASDAQ OMX BX BSize 1 1 1 1 1 3 1 1 1 1 1 1 Toll Brothers Bid Ask 38.54 38.58 38.54 38.58 38.54 38.58 38.54 38.58 38.54 38.58 38.53 38.58 38.53 38.58 38.52 38.59 38.51 38.61 38.50 38.62 38.45 38.62 36.6740.36 ASize 1 1 2 2 1 1 2 2 1 1 2 1 AskExch EDGX ARCA NYSE Composite IEXG Chicago BATS NASDAQ BATS Y NASDAQ OMX BX EDGA National Fill out the table below. Which stock appears to be more liquid? (for price impact, assume the investor plans to buy $50,000 worth of shares). absolute spread relative spread price impact Lennar Toll An investor is looking to invest $50,00 in a homebuilder stock. She has narrowed down her search to two candidates: Lennar (LEN) and Toll Brothers (TOL). Her only consideration is the stocks liquidity. To assist her decision-making process, here is the electronic limit order books for each stock. BSize and ASize are multiples of 100, that is, a l in those columns corresponds to 100 shares. BidExch Chicago IEXG Composite EDGA NYSE BATS NASDAQ National ARCA EDGX BATS Y NASDAQ OMX BSize 1 1 3 1 3 2 2 1 2 1 1 3 Lennar Bid Ask 52.39 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.40 52.37 52.41 52.37 52.42 52.36 52.43 52.33 52.44 52.30 52.50 ASize 1 3 1 1 3 3 2 2 1 1 1 2 AskExch Chicago Composite EDGA NASDAQ OMX NYSE NASDAQ ARCA BATS EDGX BATS Y National IEXG BidExch Composite IEXG EDGA National BATS NYSE NASDAQ ARCA Chicago BATS Y EDGX NASDAQ OMX BX BSize 1 1 1 1 1 3 1 1 1 1 1 1 Toll Brothers Bid Ask 38.54 38.58 38.54 38.58 38.54 38.58 38.54 38.58 38.54 38.58 38.53 38.58 38.53 38.58 38.52 38.59 38.51 38.61 38.50 38.62 38.45 38.62 36.6740.36 ASize 1 1 2 2 1 1 2 2 1 1 2 1 AskExch EDGX ARCA NYSE Composite IEXG Chicago BATS NASDAQ BATS Y NASDAQ OMX BX EDGA National Fill out the table below. Which stock appears to be more liquid? (for price impact, assume the investor plans to buy $50,000 worth of shares). absolute spread relative spread price impact Lennar Toll