Answer these questions step wise, show how to calculate, Midland energy Resources: Show the answers on a excel sheet: $1.$ Estimate the asset betas for each of Midland$$s three businesses, Exploration and Production, Refining and Marketing, and Petrochemicals. Justify your choice of comparable companies used in your estimation. $2.$ What risk$-$free rate and market risk$-$premium is appropriate for estimating the discount rate appropriate for each of these businesses. $3.$ If Midland uses the same cost of capital to discount cash$-$flows for all projects, explain what will happen over time to: a$.$ The relative mix of the three business segments in Midland$$s operations b$.$ The market value of Midland$$s assets and explain why.