Residual Standard Deviation () Expected Return(%) 21 18 17 13 Asset Beta Stock A Stock B Stock C Stock D 2.0 1.2 1.3 51 62 54 Macro Forecasts Expected Return Standard Deviation ( % ) Asset T-bills Passive equity 10 15 portfolio 24 Calculate the following for a portfolio 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 = 3.6) given his new complete portfolio? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Utility Levels Cases Unconstrained Constrained Passive