$(3)$ Suppose that there is not a risk free asset available to any investor.

$($a$)$ Draw of graph of this situation where E$($rp$)$ is on the vertical axis and

$\backslash$sigma p is on the horizontal axis in one panel, and the traditional case where

there is a risk free asset available in the panel below.

$($b$)$ Is there a hypothetical investor who will not be worse off if there is no

risk free asset? Explain.