Consider the queued orders in the following call auction.

Price	Buy Quantity	Sell Quantity
$8.01	0	2900
$8.09	0	2300
$8.11	0	1800
$8.20	1900	2600
$8.22	1700	0
$8.27	800	0
$8.34	2000	1500
$8.45	1900	0

1.The call price is determined by first maximising executable volume and then minimising trading surplus.

The cumulative buy quantity at the price of $8.27 is:

a.

Other

b.

1,500 shares

c.

4,700 shares

d.

4,400 shares

e.

3,800 shares

2.The call price is determined by first maximising executable volume and then minimising trading surplus.

The cumulative sell quantity at the price of $8.09 is:

a.

7,600 shares

b.

8,500 shares

c.

0 shares

d.

Other

e.

8,200 shares

3.

The call price is determined by first maximising executable volume and then minimising trading surplus.

If no more orders are entered, the call price would be:

a.

$8.27

b.

$8.22

c.

$8.34

d.

$8.20

e.

Other

4.

The call price is determined by first maximising executable volume and then minimising trading surplus.

If no more orders are entered, the trading surplus at the call would be:

a.

Other

b.

2,900 shares

c.

0 shares

d.

2,100 shares

e.

4,900 shares