the following questions, justifying your answers. a. Consider the following statement: In any market, there are multiple portfolios that replicate an arbitrary payoff. Is this true? b. What is the relative risk aversion of the utility function u (x) = e x, where is a constant? c. Consider the consumption CAPM model we have discussed in class. Is it true that the risk-free return is increasing in the time discount factor ? d. Consider using the binomial model to price a derivative. Under what circumstances is it safe to use the recombining binomial tree to price the derivative