Wholesale Foods would like to sell 1,600 shares of stock using a Dutch auction.The bids received are as follows: Bidder A: 300 shares at $23;Bidder B: 500 shares at $22;Bidder C: 700 shares at $21;Bidder D: 900 shares at $20;and Bidder E: 200 shares at $18.Bidder D will be able to purchase _____ shares at a price per share of ____.

Question

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The offer price will be $20 a share.Bidder D's shares = 1,600/(300 + 500 + 700 + 900)× 900 = 600 shares

Wholesale Foods Would Like to Sell 1,600 Shares of Stock