Problem: To explore demand, supply, and pricing decisions, let's imagine you are the owner and operator of a lemonade stand.
1. What factors affect demand for your product?
2. What factors affect supply of your product?
3. What pricing strategies did you use to maximize your profits?
4. How would you define a successful day for your lemonade stand, and what made it successful?
5. Describe what an unsuccessful day might look like.