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1. Explain what is efficient about the efficient frontier 2. What variable is manipulated to determine efficient portfolios. Why are the other variables not changed

1. Explain what is efficient about the efficient frontier 2. What variable is manipulated to determine efficient portfolios. Why are the other variables not changed at will? 3. Suppose you interview two different portfolio managers about their efficient sets of portfolios. Is it possible, or even probable, that they would have two different efficient sets? Why?

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