Use the information provided below to calculate the implementation shortfall.

On Monday, the stock price for Gamma Corp. closes at $8 a share. On Tuesday morning before market open, the portfolio manager decides to buy Gamma Corp. and submits a limit order for 2,000 shares at $7.96. The price never falls to $7.96 during the day, so the order expires unfilled. The stock closes at $8.04. On Wednesday, the order is revised to a limit of $8.03. The order is partially filled that day as 1,500 shares are bought at $5,03. The commission is $15. The stock closes at $8.08, and the order for the remaining 500 shares is cancelled

Breaking down of this implementation shortfall:

Commissions and fees:

Realized profit/loss;

Delay costs;

Missed trade opportunity;

Implementation cost;