1. For this question, refer to the second tab named Order Book. It contains data from a fictitious order book, which is the list of orders a clearing house has that are waiting for execution. This includes whether an order is long or short, market or limit, the limit price if applicable, and the number of shares desired. A clearing house determines a price that maximizes the number of shares that will trade. This example is designed so that the clearing price has no partial or ambiguous fulfillment.

1. Find the range of prices that will clear the maximum volume of shares and the number of shares that clear at this price.
2. After a market clears, the bid price is the highest price of any long bid still open. The ask price is the lowest of all the short bids still open. What are the bid and ask prices?
3. 

N 3 8 1 Date Spot Sep '21 Future 9/1/20 58.61 60.03 3 9/2/20 59.8 62.2 4 9/3/20 57.92 59.92 5 9/4/20 59.74 62.23 6 9/8/20 62.14 63.48 7 9/9/20 58.74 60.61 8 9/10/20 58.87 61.52 9 9/11/20 57.59 58.94 10 9/14/20 55.85 57.38 11 9/15/20 56.64 58.18 9/16/20 55.28 56.65 13 9/17/20 55.98 58.68 14 9/18/20 53.83 56.4 15 9/21/20 51.49 53.77 16 9/22/20 52.22 53.64 9/23/20 49.88 51.34 18 9/24/20 48.18 49.75 19 9/25/20 48.05 49.46 20 12 17 long long Long/Short Order Type Limit Price Shares long limit 60.46 7600 long limit 63.73 6200 long limit 63.86 4200 long limit 63.86 1600 limit 64.69 4700 limit 65.55 1900 long limit 66.3 3300 long market n/a 1000 market n/a 1700 short limit 62.52 2300 short limit 64.05 7500 short limit 65.13 1100 short limit 68.96 3800 short market n/a 2300 short market n/a 500 long 9/23/20 9/8/20 6 29 81 49 2 Trader ID 73470 154857 226111 343311 436358 453227 538815 567545 809026 909339 9/1/20 (95) 98 54 119 (115) (100) 67 (118) 9/2/20 (20) 42 (54) (112) (99) 85 (30) 60 (29) 157 9/3/20 (62) (75) (10) (59) 100 (94) 37 47 (9) 125 9/4/20 (70) (50) (84) 47 (6) 64 49 (97) 4 92 9 9/9/20 80 (77) (38) (97) (16) (10) 9 (76) (20) 245 9/10/20 9/11/20 12 (78) 5 31 (1) (17) 90 103 (23) (66) (86) (67) 57 75 (43) (53) 44 (80) 9/14/20 9/15/20 107 (82) 33 (4) 3 91 (111) (14) (6) (44) 40 (91) 37 9 54 32 68 (149) 16 9/16/20 2 21 (88) 70 (7) 7 (25) (8) 99 (71) 16 9/17/20 9/18/20 9/21/20 (55) (4) (86) (72) 16 (95) 28 (9) 89 (1) (91) 111 (12) (6) (43) (58) 5 22 7 57 49 (87) 91 (8) 49 79 16 150 (142) 9/22/20 (14) (89) (1) 109 76 (54) 77 50 40 (194) 9/24/20 (66) (88) 111 79 (40) 110 (41) (80) 78 (49) (4) (4) 111 43 (39) (85) (100) 9/25/20 91 29 (61) 69 118 35 (16) 14 (101) (178) 20 (23) (27) 57 (165) 61 11 41 29 143 (26) N 3 8 1 Date Spot Sep '21 Future 9/1/20 58.61 60.03 3 9/2/20 59.8 62.2 4 9/3/20 57.92 59.92 5 9/4/20 59.74 62.23 6 9/8/20 62.14 63.48 7 9/9/20 58.74 60.61 8 9/10/20 58.87 61.52 9 9/11/20 57.59 58.94 10 9/14/20 55.85 57.38 11 9/15/20 56.64 58.18 9/16/20 55.28 56.65 13 9/17/20 55.98 58.68 14 9/18/20 53.83 56.4 15 9/21/20 51.49 53.77 16 9/22/20 52.22 53.64 9/23/20 49.88 51.34 18 9/24/20 48.18 49.75 19 9/25/20 48.05 49.46 20 12 17 long long Long/Short Order Type Limit Price Shares long limit 60.46 7600 long limit 63.73 6200 long limit 63.86 4200 long limit 63.86 1600 limit 64.69 4700 limit 65.55 1900 long limit 66.3 3300 long market n/a 1000 market n/a 1700 short limit 62.52 2300 short limit 64.05 7500 short limit 65.13 1100 short limit 68.96 3800 short market n/a 2300 short market n/a 500 long 9/23/20 9/8/20 6 29 81 49 2 Trader ID 73470 154857 226111 343311 436358 453227 538815 567545 809026 909339 9/1/20 (95) 98 54 119 (115) (100) 67 (118) 9/2/20 (20) 42 (54) (112) (99) 85 (30) 60 (29) 157 9/3/20 (62) (75) (10) (59) 100 (94) 37 47 (9) 125 9/4/20 (70) (50) (84) 47 (6) 64 49 (97) 4 92 9 9/9/20 80 (77) (38) (97) (16) (10) 9 (76) (20) 245 9/10/20 9/11/20 12 (78) 5 31 (1) (17) 90 103 (23) (66) (86) (67) 57 75 (43) (53) 44 (80) 9/14/20 9/15/20 107 (82) 33 (4) 3 91 (111) (14) (6) (44) 40 (91) 37 9 54 32 68 (149) 16 9/16/20 2 21 (88) 70 (7) 7 (25) (8) 99 (71) 16 9/17/20 9/18/20 9/21/20 (55) (4) (86) (72) 16 (95) 28 (9) 89 (1) (91) 111 (12) (6) (43) (58) 5 22 7 57 49 (87) 91 (8) 49 79 16 150 (142) 9/22/20 (14) (89) (1) 109 76 (54) 77 50 40 (194) 9/24/20 (66) (88) 111 79 (40) 110 (41) (80) 78 (49) (4) (4) 111 43 (39) (85) (100) 9/25/20 91 29 (61) 69 118 35 (16) 14 (101) (178) 20 (23) (27) 57 (165) 61 11 41 29 143 (26)