Consider the following limit order book for a share of stock. The last trade in the stock occurred at a price of $130. Limit Buy Orders Limit Sell OrdersPriceShares PriceShares$129.75400 $129.80150129.70700 129.85150129.65400 129.90300129.60200 129.95150128.65500 a. If a market buy order for 150 shares comes in, at what price will it be filled

a. If a market buy order for 150 shares comes in, it will be filled at

= $128.65500 per share ($19,298.25 in total).

Explanation:

a) Data and Calculations:

                     Limit Buy Orders   Limit Sell Orders

Price Shares    $129.75400            $129.80150

Price Shares      129.70700              129.85150

Price Shares      129.65400            129.90300

Price Shares      129.60200            129.95150

Price Shares      128.65500            130.00000

The total purchase price for 150 shares = $19,298.25 ($128.65500 * 150)

b) An investor's Limit Buy Orders give the limit above which the shares cannot be exchanged for cash.  But below and at the limit amount, the shares can be bought in exchange for cash.  The investor's Limit Sell Orders give the limit below which the shares should not be sold in exchange for cash.  In other words, the shares can be sold at a price above the limit.

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answer; 33,000;