Reference no: EM132894886
Ontario Outdoors (OO), a leading retailer of outdoors apparel has decided to carry the "Raw" model. For the first 9 months, OO sold the "Raw" at the suggested retail price and sales amounted to 10,305 units. However, OO decided to cut the p[rice of "Raw" by 20% in the remaining 3 months of the year and sold 4,686 units.
The change in price of "Raw" influenced the sales of two other products: "WayUp", an established brand of climbing shoes, and "WindOut", a modern hiking jacket. The retail price of WayUp and WindOut was $150 and $120 respectively. In the 9 months before the price discount on "Raw", "WayUp" sold 13,257 units and "WindOut" 17,838. In the 3 months after the price discount on "Raw", the two brands registered sales of 3,711 and 6,147 units respectively.
Please answer the following questions:
1. Is demand for "Raw" elastic or inelastic? Why?
2. Are "Raw" and "WayUp" Complements or substitutes? Why?
3. Are "Raw" and "WindOut" Complements or substitutes? Why?
4. Should OO maintain the price discount on "Raw"? Why?
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