Smart Smith Ltd, and Dumb Jack Ltd. have both announced IPOs at $40 per share. One of them is underpriced by $11 and the other is overpriced by $3. However, you don't know which is underpriced and which is overpriced so you plan to bid for 1,000 shares for each IPO. Required: (a) What would be your profit if you could get 1,000 shares in both IPOs? (2 marks) (b) If an issue is underpriced, the offer will be rationed and only half of your order will be filled. What will be your profit in this case? (2 marks) (c) Comparing the answers to part (a) and part (b), what principle is illustrated? (1 mark)