CFA III SS 16 Reading 32 EOC Question 22

[jimally]

Question asks for the “implicit transaction cost” of the trade using the VWAP as the price benchmark.
Gives the answer as
Cost = Shares x (executed price - VWAP)
This answer does not take into account the missed trade opportunity cost (3200 shares executed out of an initial order of 10,000).
Am I missing something? Are implicit “transaction” costs different than implicit costs?
Again, from the reading, implicit costs are:
1) Bid Ask spread
2) Market Impact
3) MISSED TRADE OPPORTUNITY COSTS
4) Delay Costs
Thanks in advance!

 

[yqb_cdg]

In my point of view, implicit costs are:
realized profit and loss
slipplage/delay costs
opportunity cost (which include only part of the trade that is cancelled)
Thus, in the this question only realized P/L is concerned.
The guy bought 3200 @ 17,05 but his benchmark is 17, he realized a loss of 3200 * (17,05-17)
Slipplage is calculated with the part of the transaction that is traded later.