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Question 1: Short Answer Questions 30 points) 1. Explain the meaning of a portfolio? And define an Efficiently diversified portfolio? (20 points 2. lain the correlation concept (10 points Question 2 problem solving points! Using the following information on states of the economy and stock returns for to Company State of economy Probability of State of Economy 0.15 Security Return it State Occurs -7% Recession Normal 10% Boom 0.20 25% a) Calculate the expected return (20 points) Calculate the variance of returns (10 points Calculate the standard deviation of returns (10 points) Question 3: 10 points) Use the below table to answer the question below: Correlation coefficient perfect negative correlation 0 uncorrelated) perfect positive correlation 1. Explain the perfect negative correlation and perfect positive correlation Ronus question: (10 points) 1. Explain the Principle of Diversification