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1.Given the Production Function of a perfectly competitive firm, Q = 120L + 9L 2 - 0.5L 3 , where Q = Output and L

1.Given the Production Function of a perfectly competitive firm, Q = 120L + 9L² - 0.5L³, where Q = Output and L = labor input

a.At what value of L will Diminishing Returns take effect?

b.Calculate the range of values for labor over which stages I, II, and III occur?

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