- 24. What is the difference between unique (firm-level idiosyncratic) risk and market (systematic) risk and how do we calculate the proportions of each? - 25 . Why are a firm's outside owners uninterested in firm-level or unique risk? - 26. Why do we want to find how much systematic risk an individual firm carries or transmits to the owner's portfolio? -27. If a firm carries or transmits Beta units of market or systematic risk to the portfolio how do we estimate what Beta is for any one firm? -28. How do we use Beta in an equation to find the expected \% return on owning a share in a particular firm? - 29. Why is the answer to the last question also the discount rate that the particular firm should use in NPV analysis? -30. What criticisms can be made of the CAPM model