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(b) Edge calculations:

KC -3: Implied = 51.92% (from -108). Edge = 0.5405/0.5192 - 1 = **+4.10%** - Over 47.5: Implied = 52.38% (from -110). Edge = 0.5412/0.5238 - 1 = **+3.32%** - BUF ML: Implied = 40.00% (from +150). Edge = 0.4203/0.4000 - 1 = **+5.08%**

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