Exercise 1 Consider the portfolios composed of shares and options: (a) one share of stock and put option with strike K > 0, (b) short position in one share of stock and call option with strike K > 0, c) put with strike K, and short call with strike K, where 0 0, (b) short position in one share of stock and call option with strike K > 0, c) put with strike K, and short call with strike K, where 0