It's both 4&5, because 5 relates to 4.

A company goes public by using an auction. The bids are contained in the table belovw. The firm wants to sell 10 million shares. Number of Shares millions) Price 2.5 20 19 18 17 16 15 In a traditional offering, describe which bidders would receive shares, the price they would pay, and how much of their orders would be filled. 5. Assume that the auction in Problem 4 is conducted as a dirty auction, and the clearing price is $17. Describe which bidders would receive shares, the price they would pay, and how much of their orders would be filled