A portfolio management organization analyzes 74 stocks and constructs a mean-variance efficient portfolio using only these 74 securities.

a.	How many estimates of expected returns, variances, and covariances are needed to optimize this portfolio?

Estimates of expected returns
Estimates of variances
Estimates of covariances
Total estimates

b.	If one could safely assume that stock market returns closely resemble a single-index structure, how many estimates would be needed?

Estimates