The cost of liquidation in a normal market is evaluated based on the bid-ask spread. For a normal market size, the estimated liquidation cost is given by half of the bid-ask spread multiplied by the number of units held.

Liquidation Cost = Sum of [Units × (Offer Price - Bid Price) / 2]

1. Company A shares: 1,000,000 shares × ($96.00 - $95.00) / 2 = 1,000,000 × $0.50 = $500,000 ($0.5 million)

2. Commodity: 10,000,000 ounces × ($51.50 - $50.50) / 2 = 10,000,000 × $0.50 = $5,000,000 ($5.0 million)

3. Company Y shares: 10,000,000 shares × ($50.50 - $49.25) / 2 = 10,000,000 × $0.625 = $6,250,000 ($6.25 million)

Total Liquidation Cost = $0.5m + $5.0m + $6.25m = $11.75 million.