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We measure the luminosity function of morphologically selected E/S0 galaxiesfrom $z=0.5$ to $z=1.0$ using deep high resolution Advanced Camera for Surveysimaging data. Our analysis covers an area of $48\Box\arcmin$ (8$\times$ thearea of the HDF-N) and extends 2 magnitudes deeper ($I\sim24$ mag) than waspossible in the Deep Groth Strip Survey (DGSS). At $0.5<z<0.75$, we find$M_B^*-5\log h_{0.7}=-21.1\pm0.3$ and $\alpha=-0.53\pm0.2$, and at$0.75<z<1.0$, we find $M_B^*-5\log h_{0.7}=-21.4\pm0.2$. These luminosityfunctions are similar in both shape and number density to the luminosityfunction using morphological selection (e.g., DGSS), but are much steeper thanthe luminosity functions of samples selected using morphological proxies likethe color or spectral energy distribution (e.g., CFRS, CADIS, or COMBO-17). Thedifference is due to the `blue', $(U-V)_0<1.7$, E/S0 galaxies, which make up to$\sim30%$ of the sample at all magnitudes and an increasing proportion of faintgalaxies. We thereby demonstrate the need for {\it both morphological andstructural information} to constrain the evolution of galaxies.  We find that the `blue' E/S0 galaxies have the same average sizes and Sersicparameters as the `red', $(U-V)_0>1.7$, E/S0 galaxies at brighter luminosities($M_B<-20.1$), but are increasingly different at fainter magnitudes where`blue' galaxies are both smaller and have lower Sersic parameters. Fits of thecolors to stellar population models suggest that most E/S0 galaxies have shortstar-formation time scales ($\tau<1$ Gyr), and that galaxies have formed at anincreasing rate from $z\sim8$ until $z\sim2$ after which there has been agradual decline.Comment: 39 pages, 21 figures, accepted in A

The Luminosity Function of Early-Type Field Galaxies atz≈ 0.75