Interactive Supply Demand Activity Lemonade Stand 
Go to the link: http://www.coolmath-games.com/lemonade/
The above link will take you to an interactive game. This game is designed to show you the roles of supply and demand using the fast-paced business setting of lemonade sales. Please read the instructions and play a round or two of the game. After you are done, write a paper reflecting on your experience (250 words minimum). Things to include: What was your strategy while playing? What factors affected your decisions? How was supply and demand shown through this?
It was really an interesting which gave me a good idea about the business of real life.
While playing, at the beginning I thought it would be quite simple so I played casually and then come to know it is not that easy at it looks. On the 1st round I made a lot of mistake which gave me ideas about how to play.
Starting at the 2nd round I had enough idea to understand price and demand varies a lot. Popularity also affects demand but price affect it much higher. If the price is reasonable even in the worst time, someone can earn profit.
So I calculated the cost for each glass of Lemonade. Using 4 of each item, lemon, sugar and ice in a pitcher, 11 glasses were made. And I used the following types of item,
Paper cups: 100 for $2.92 = $0.029
Lemon: 75 for $4.08 = $0.055
Sugar: 48 cups for $3.28 = $0.069
Ice: 500 for $3.85 = $0.009
So cost to make a pitcher lemonade = $(0.055+0.067)*4 = 0.488
Pitcher means 11 cups so price for each cup including price for paper cups
= $0.488/11+0.009*4 +$0.029 = $0.109
As I got that price really affects the demand so I put the price at 15 cents and made quite a profit.
Though it was a nice strategy but the things affected my decision was melting of ice, spoiling of lemons, weather changes and all. Based on these topics I had to refine my strategy for few days.
By playing this game I got some real experiences. I got that price and demand are really strongly related. And as a businessman, if you plan well you can always
The above link will take you to an interactive game. This game is designed to show you the roles of supply and demand using the fast-paced business setting of lemonade sales. Please read the instructions and play a round or two of the game. After you are done, write a paper reflecting on your experience (250 words minimum). Things to include: What was your strategy while playing? What factors affected your decisions? How was supply and demand shown through this?
It was really an interesting which gave me a good idea about the business of real life.
While playing, at the beginning I thought it would be quite simple so I played casually and then come to know it is not that easy at it looks. On the 1st round I made a lot of mistake which gave me ideas about how to play.
Starting at the 2nd round I had enough idea to understand price and demand varies a lot. Popularity also affects demand but price affect it much higher. If the price is reasonable even in the worst time, someone can earn profit.
So I calculated the cost for each glass of Lemonade. Using 4 of each item, lemon, sugar and ice in a pitcher, 11 glasses were made. And I used the following types of item,
Paper cups: 100 for $2.92 = $0.029
Lemon: 75 for $4.08 = $0.055
Sugar: 48 cups for $3.28 = $0.069
Ice: 500 for $3.85 = $0.009
So cost to make a pitcher lemonade = $(0.055+0.067)*4 = 0.488
Pitcher means 11 cups so price for each cup including price for paper cups
= $0.488/11+0.009*4 +$0.029 = $0.109
As I got that price really affects the demand so I put the price at 15 cents and made quite a profit.
Though it was a nice strategy but the things affected my decision was melting of ice, spoiling of lemons, weather changes and all. Based on these topics I had to refine my strategy for few days.
By playing this game I got some real experiences. I got that price and demand are really strongly related. And as a businessman, if you plan well you can always