A portfolio manager summarizes the input from the macro and micro forecasters in the following table: Micro Forecasts Expected Residual Standard Asset Return (%) Beta Deviation) Stock A Stocka 15 Stock 06 Stock 0.9 22 11 10 52 60 54 49 07 Macro Forecast Expected Return (%) Asset T-bits Passive equity portfolio Standard Devotion 0%) O 21 Calculate the following for a portfolio manager who is not allowed to short sell securities. If lowed to short self securities, the manager's Sharpe ratio is 02782 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 * 2.6) given his new complete portfolio? (Do not round Intermediate calculations. Round your answers to 2 decimal places) Utility Levels Cases Unconstrained Constrained Passive