1.Given the Production Function of a perfectly competitive firm, Q = 240L + 6L² - 0.4L³, 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?

c.Suppose that the wage rate is $50 and the price of output is $2 per unit.How many workers should the firm hire?

d.If demand forecasts predict an output level between 1500 and 1800 in the next decade, what would be your long-run strategy to optimize the resources of your company?