business course

A friend of mine recently told me that his favourite scotch The Glenlivet, kept increasing in price every few months. Even though he loves that particular drink, recently he switched to a Cheaper brand, Jack Daniels. Is this an example of the substitution effect? i. Give an example in your own life where the substitution effect happened, ii. explain something a company could do to slow down the loss of customers from this situation if they MUST increase their prices