1. (25) Miranda is stranded on a desert island, and having quite the enterprising spirit, notices that the oceans are teeming with sh and immediately seizes upon this lucrative opportunity. She is endowed with a single shing net, but is unable to make any more, so that her capital stock remains xed at 16 = 1. Hence the number of sh q she catches depends only on the hours of labor I? that she employs, by the production function q=f(fc.)=x/I'c=x/E Let the rental rate of capital be 11 = 0, the wage rate be normalized to w = 1, and let p denote the price of sh. (a) (5) Find Miranda's cost function C(q). (b) (10) Write Miranda's prot maximization problem and state the rst order condition. (c) (10) Find Miranda's output supply (33(1)), labor demand Katy), and prot 7r(p) as func- tions of the price of sh