Question must

Consider the following set of orders for the VOD stocks

Time	Traders	Order Side	Size	Price
10:00	ABC	Sell	4	20
10:05	DEF	Buy	3	21
10:08	GHI	Buy	5	20
10:09	JKL	Sell	5	22
10:10	MNO	Buy	7	18
10:15	PQR	Sell	7	Market
10:18	STU	Sell	5	19
10:20	VWX	Buy	6	Market
10:30	YZ	Sell	4	21

Assume that the above orders are sent to a single-price call auction.

( I ) Make appropriate assumptions, draw the demand and the supply schedules, and compute the traders' total surplus. Explain what the total surplus represents and why we measure it.