1. short-term production function: Q = 50L + 6L2 – 0.5L3 a. When does the law of diminishing returns begins to take effect?b. Calculate the value range of labor during phases 1, 2 and 3.2. Suppose the production function of the company is Q = 7V – 0.5V2Q is the production and V is the number of employees working 8 hours a daya. Develop a production plan from 1 to 10 Vb. Calculate the average and marginal productsc. Weekly hours worked are 40 and the product price is $ 5.00d. Identify the three stages.