https://www.espn.com/nfl/story/_/id/22212592/atlanta-falcons-drop-prices-make-more-money-mercedes-benz-stadium-concessions

After reading the article think about all the different factors that determine the price elasticity of goods. Also, consider the relationship between changes in price and revenue depending on where you are on the demand curve. Keeping these factors in mind post your thoughts on the following:

2. Judging by the outcome of the price drop (lower price leading to greater revenue), we clearly see that Mercedes Benz Stadium was pricing their food and beverages in the elastic portion of the demand curve. What other industries/markets do you think would see a gain in revenues if they were to lower their prices and what sort of cross-price elasticities could we see as a result (substitutions or compliments)?

MY ANSWER- Decrease in gas and petrol prices(Petroleum industry): Recently due to the increase in the price of crude oil, consumers are now shifting to public transportation, but the petroleum industry can reverse this trend by decreasing it's prices and can enjoy higher sales volume in the process because public transportation and private cars are direct substitutes of each other. Through this, the car industry can also benefit as gas prices affect car demand, and lower gas prices can stimulate higher demand for cars; thus, gas and car work together as complementary goods.

MY CLASSMATE'S RESPONSE 1- I think that if suppliers were to drop the price of laptops, they would see a massive jump in revenue. So many times, I see dozens of thousand-dollar laptops just sitting on shelves at best buy. If the price were to drop, people would own laptops like they do cellular phones, which would generate a massive influx of revenue. I think with the demand for laptops being high, their compliments would rise as well. Such as the market for headphones, mouses, and potentially even PC games.

MY CLASSMATES RESPONSE 2- I think that the car industry would overall benefit from lowering their prices. I think that because cars are always in high demand because people more than likely will always benefit from using cars. Most people want cars or are wanting to upgrade their car or would at least like to unless they already have the newest model or kinda car. When people get cars more job opportunities will open up for them because they are able to travel further than they could walk or bike.

REAL QUESTION - Respond to a two (2) classmates who answered question 2 using a different market/industry than you.