Question: Please answer in detailed steps. Exercise 5.7. Consider a 3 -by-3 market model with the following payoff matrix: D=231573319592133 (a) Show that the market is

Please answer in detailed steps.

Exercise 5.7. Consider a 3 -by-3 market model with the following payoff matrix: D=231573319592133 (a) Show that the market is not complete. (b) Determine any redundant base asset and represent its payoff vector as a linear combination of the payoffs of the other two assets

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