Games Publisher Electronic Arts (NSDQ: ERTS) has launched its first ad-supported iPhone game called “Lemonade Tycoon,” based on a old, but popular PC game. The game is notable because its one of a few titles that the company is offering for free on the iPhone.

The goal of the “Lemonade Tycoon” is to run a successful lemonade stand, by constantly tweaking the product’s price, the stand’s location and the recipe. The player must weigh whether to buy more sugar, ice cubes, lemons, or cups, while also considering a pricey premium location. Once you’ve guessed the winning combination, you start your day and customers starting buying. If the juice is too sour, or too sweet, you may lose sales. For a free game, it’s a high quality experience and actually is fairly addictive.

Greystripe is both serving and inserting the ads into the game. EA Mobile VP Adam Sussman told mocoNews the model is an experiment. “It’s a dynamic market, and we are learning,” he said. (Update: In an earlier version, we said the ads were coming from AdMob. An EA spokesperson provided us with incorrect information.).

More on the ads after the jump…