Consider the following airline industry data from mid-2009: a. Use the estimates in table to estimate the debt beta for efich firm (use an average if multiple ratings are listed). b. Estimate the asset beta for each firm. c. What is the average asset beta for the industry, based on these firms? \begin{tabular}{lcccc} & Market Capitalization (\$ million) & Total Enterprise Value (\$ million) & Equity Beta & Debt Ratings \\ \hline Delta Air Lines (DAL) & 4,945.7 & 17,042.2 & 1.965 & BB \\ Southwest Airlines (LUV) & 4,894.9 & 6,373.2 & 0.966 & A/BBB \\ JetBlue Airways (JBLU) & 1,213.3 & 3,857.7 & 1.895 & B/CCC \\ Continental Airlines (CAL) & 1,061.9 & 4,406.4 & 2.017 & B \\ \hline \end{tabular} Average Debt Betas by Rating and Maturity \begin{tabular}{lccccc} \hline By rating & A and above & BBB & BB & B & CCC \\ \hline Average beta & 15Yr \\ \hline Average beta & & 0.01 & 0.06 & 0.07 & 0.14 \\ \hline Source: S. Schaefer and I. Strebulaev, "Risk in Capital Structure Arbitrage," Stanford GSB working \end{tabular} Source: S. Schaefer and I. Strebulaev, "Risk in Capital Structure Arbitrage," Stanford GSB working paper, 2009