You can solve this problem in one of two ways.
First Solution
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You can use the fact that the sum of the roots one at a time is equal to -b/a, therefore...
a + 1/a + b= L
Second Solution
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This solution isn't necessary in the HSC course as markers generally accept the first solution, however, if you would like to know how to do it, this is how it goes:
Since you know that the polynomial is of degree three, then it must have three roots, all of which are given (a, 1/a, b), thus....
P(x)=(x-a)(x-1/a)(x-b) which is equivalent to x3-Lx2 +Lx -M
Using the LHS:
P(x)=(x2 - ax - x/a +1)(x-b)
=x3-ax2 -x2/a + x -bx2 -abx -bx/a -b
Rearranging:
P(x)=x3-(a+1/a+b)x2 + (1-ab-b/a)x-b
By equating the two coefficients of x2 (From the equations above), we get:
-(a+1/a+b)=-L
.: a+1/a+b = L
NOTE: This is the long way to do this, and i wouldn't recommend it under exam conditions because if you stuff up the algebra you will waste time trying to go back and fix it.
EDIT: I just read over your solution and found that you did not divide by a(alpha) before you equated the coefficients, giving you an incorrect answer. You must ensure that the coefficients of the leading terms are both the same (i.e. x3) before you equate the coefficients. Doing this in an exam will stress you out and will result in A LOT OF WASTED TIME.