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I and III only II and IV only I and IV only II and III only Buy Sell No. Quantity Price ($) Price ($) Quantity

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I and III only

II and IV only

I and IV only

II and III only

Buy Sell No. Quantity Price ($) Price ($) Quantity No. 2 3,500 1.500 1.530 1,250 1 5 5,200 1.480 1.540 1,000 1 1 1,500 1.410 1.560 3,210 4 Based on the above order schedule for XYZ, if you wanted to sell 9,500 XYZ shares immediately, what would be the average price paid, and what would be the average market impact cost per share for this order (using the current bid-ask mid-point as a reference price)? I. Average price per share of $1.50 II. Average price per share of $1.48 III. Average market impact cost per share of $0.02 IV. Average market impact cost per share of $0.045

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