A porttolio manager summarizes the input from the macro and micro forecasters in the following table: Micro Forecasts Asset Stock A Stock B Stock C Stock D Expected Return (%) 20 18 17 12 Beta 1.3 1.8 0.7 Residual Standard Deviation(%) 58 71 60 Macro Forecasts Expected Return (%) Standard Deviation (%) Asset T-bills Passive equity porttolio 16 23 Calculate the following for a porttolilo manager who is not allowed to short sell securities. a. What is the cost of the restriction in terms of Sharpe's measure? (Do not round intermediate calculations. Enter your answer as decimals rounded to 4 places.) Cost of restriction b. What is the utility loss to the investor (A- 2.8) given his new complete porttolio? (Do not round intermediate calculations. Round your answers to 2 decimal places. Omit the "%" sign in your response.) Cases Unconstrained Constrained Utility levels A porttolio manager summarizes the input from the macro and micro forecasters in the following table: Micro Forecasts Asset Stock A Stock B Stock C Stock D Expected Return (%) 20 18 17 12 Beta 1.3 1.8 0.7 Residual Standard Deviation(%) 58 71 60 Macro Forecasts Expected Return (%) Standard Deviation (%) Asset T-bills Passive equity porttolio 16 23 Calculate the following for a porttolilo manager who is not allowed to short sell securities. a. What is the cost of the restriction in terms of Sharpe's measure? (Do not round intermediate calculations. Enter your answer as decimals rounded to 4 places.) Cost of restriction b. What is the utility loss to the investor (A- 2.8) given his new complete porttolio? (Do not round intermediate calculations. Round your answers to 2 decimal places. Omit the "%" sign in your response.) Cases Unconstrained Constrained Utility levels