2. Intuitions (20 points). Please answer two out of the three questions as below. Please specify which two questions you pick. One or two lines of explanation is good enough as long as you show the key intuition. (a). The Capital Asset Pricing Model implies that the market portfolio is equivalent to the "tangency port- folio". Can you intuitively explain why? (b). Can you describe how you construct the minimum variance frontier when you have more than two risky assets? (c). Can you describe how Fama and French constructed their size factor remo