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.

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