Robinson Crusoe can catch 1 sh per hour or can gather 10 coconuts in the same time. His utility tnction is U = le'ZClJ'Z where F and C represent the quantities of sh and coconuts he consumes each day. (a) Assuming that Robinson has decided to work 8 hours per day, how many sh and coconuts will he produce and consume each day? What implicit price ratio would support this equilibrium? (b) Suppose Robinson discovers that he can trade sh and coconuts freely on a neighboring island at the rate of 8 coconuts per sh. How many sh and coconuts will he produce and how many will he consume each day now? (c) Suppose now that there is no neighboring island, but Robinson discovers Man Friday on his island. Friday can catch sh at the rate of 10 per day or can gather coconuts at the rate of 40 per day. His utility function is identical to Crusoe's. What is Friday's consumption pattern before he meets Crusoe? (d) Now Friday and Crusoe are discussing the possibility of trading with one another. Is the price ratio of 8 coconuts per sh an equilibrium price ratio? Explain your answer fully. (e) Can you nd any other price ratio that would yield an equilibrium? If you can, nd that price ratio (or ratios). If you cannot, explain why not