Business, 26.03.2021 01:00 spazzinchicago

All goods and services come at a price. But how are these prices determined? For this week’s discussion, imagine you are starting your own lemonade stand. However, this is no ordinary lemonade stand. You offer a wide variety of lemonade, including traditional, pink, red raspberry, and frozen lemonade. In all, you have 10 different flavors and types for your customers to choose from. Based on your selections, costs, and competition from other lemonade stands, how will you determine your prices? Write a 1–2 paragraph response describing how your prices are determined. Be creative and detailed with your response. Please discuss three of these bullet points below and their effect on price.

supply and demand
demand elasticity
recession
customer acceptance
market share
competition

Include in your answer whether you would prefer the lemonade you sell to have a shortage, surplus, or be at market equilibrium

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All goods and services come at a price. But how are these prices determined? For this week’s discuss...

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