Could you please show me how to solve this step by step and label each part? Preferably not in excel, thank you!

There are three stocks: A, B, and C. You can either invest in these stocks or short sell them. There are three possible states of nature for economic growth in the upcoming year (each equally likely to occur); economic growth may be strong, moderate, or weak. The returns for the upcoming year on stocks A, B, and C for each of these states of nature are given below: State of Nature Moderate weak Stock Strong Growth Growth Growth A 39% 17% 5% B 39% 15% 9% C 6% 14% 22% lfyou invested in an equally-weighted portfolio of stocks A and B, your portfolio return would be if economic growth were moderate