1. The Capital Asset Pricing Model (CAPM) is often described as an "off-the-shelf suit" whereas the Arbitrage Pricing Theory (APT) is colloquially called a "bespoke suit". What is the difference between these models? Describe and explain a real-world scenario were using APT would be more advantageous than CAPM. 2. In the CAPM model how is beta (B) calculated? Why might some firms have a high B and others a low B? Can a firm's B change over time? When would an analyst use the industry B rather than firm B