Based on the prior closing price of $15.71, you place a limit order to buy 11,200 shares in ANZ Banking Group Limited (ANZ) at $15.90. Brokerage fees, including all explicit fees, are $0.02 for each share purchased. As the market quickly rises, your order is only partially filled with trades executed as follows:

Time(t)	Volume	Trade Price	Bid Price	Ask Price
Open		$15.78	$15.78	$15.78
10:01	4,990	$15.82	$15.80	$15.82
10:02	3,120	$15.85	$15.84	$15.86
10:02	1,890	$15.90	$15.89	$15.90
Close		$16.10

a) Using the spread midpoint as your benchmark, what are the total implicit transaction costs for this order?

b) Briefly explain why implementation shortfall might be a better measure to understand the total cost of trading. Calculate the cost of your implementation shortfall. Show your working and disaggregate the cost into explicit and implicit components.