3. 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? c. Suppose that the wage rate is E and the price of output is $2 per unit. How many workers should the firm hire? (1. If demand forecasts predict an output level between 3500 and 3800 in the next decade, what would be your long-run strategy to optimize the resources of your company