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Lemonade StandMisty Baker
While playing the game I learned a lot of new things about what can impact the supply and demand of products. I had to run a lemonade stand for thirty days making sure to keep the supplies needed to make the lemonade equal to the amount of lemonade I thought I would sell for the day. At first when I started out I didn’t take into consideration that certain aspects could have an impact on how much lemonade I would sell for the day. After playing for about twenty days I began to see a pattern in how things would affect how much lemonade was sold on certain days.
Once I figured out what things had an impact on how much lemonade I sold, I was able to come up with a strategy that worked out best to meet my supply and demand perfectly. The strategy I put into place was on days that were colder or rainy; I had to drop the price of lemonade down to $.15 a cup. Since on these days I wasn’t selling very many cups I didn’t have to buy that much supplies. On days that were warmer and more humid out I could raise the price of my lemonade to $.25 a cup because of the fact that the demand for my lemonade was greater on these days. On the hotter days I sold more lemonade so I had to make sure that I had bought more supplies to the demand of my customers. I also learned that people were more apt to pay the higher price if the lemonade was good quality lemonade.
Supply and demand was shown through this by how much lemonade people would buy on certain days. If the weather was colder the demand was lower, unlike when the weather was warmer outside and the demand for lemonade went up.