Define, characterize and explain, in the format given below, the levels of market efficiency

as per the efficient market hypothesis $($given by Fama$)$ and present your views under the

following assumptions under each of the level of efficiency defined $($in the same format given

below$)$;

How would be the observed returns vis a vis market model $($CAPM$)$ based returns on your

investments if the capital markets are in either form of market efficiency mentioned below under

the following two assumptions,

i$.$ assuming that only you have valuable unique information

ii$.$ assuming that you are a fully diversified investor

Justify your answer in each case.