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Suppose a firm wishes to sell 1 0 0 , 0 0 0 shares and uses a Dutch auction method to sell those shares. The

Suppose a firm wishes to sell 100,000 shares and uses a Dutch auction method to sell those shares. The following bids are received:
 
 
$32 for 20,000 shares
$28 for 25,000 shares
$24 for 40,000 shares
$18 for 15,000 shares
$16 for 15,000 shares
$15 for 50,000 shares
$14 for 50,000 shares
 
 
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