How would you define a successful day for your lemonade stand, and what made it successful?

To explore demand, supply, and pricing decisions, let’s imagine you are the owner and operator of a lemonade stand.

• What factors affect demand for your product?
• What factors affect supply of your product?
• What pricing strategies did you use to maximize your profits?
• How would you define a successful day for your lemonade stand, and what made it successful?
• Describe what an unsuccessful day might look like.