1. What you need to know

2. Definitions Law of diminishing returns Momentary Time period
Short Run time period
Long Run time period
Inelastic supply
Elastic supply

3. Achieved
Provide an explanation of diminishing returns and supply and apply it to a specific market
Define law of diminishing returns using an example
Explain what happens to a firms supply when price increases
Demonstrate an understanding of elasticity of supply
Show an increase in demand on Momentary Short Run and long run, prices and quantities
Distinguish between different elasticity's over different time periods

4. Merit
Linking law of diminishing returns with why the producers are only willing to supply more when prices rise
Provide detailed explanations of elasticity of supply supported by supply and demand model
Explain how elasticity is influenced by time

5. Excellence
Integrate supporting information (news article) into explanations of diminishing returns and supply and use these to justify effects on producers
Link detailed explanations of elasticity of supply, supported with information with use of model to justify impact on producers