soda tax is collected from the sellers.

43. Use the four-step process to analyze the impact of the advent of the iPod (or other portable digital music

players) on the equilibrium price and quantity of the Sony Walkman (or other portable audio cassette

players).

44. Use the four-step process to analyze the impact of a reduction in tariffs on imports of iPods on the

equilibrium price and quantity of Sony Walkman-type products.

45. Suppose both of these events took place at the same time. Combine your analyses of the impacts of the

iPod and the tariff reduction to determine the likely impact on the equilibrium price and quantity of Sony

Walkman-type products. Show your answer graphically.

46. Most government policy decisions have winners and losers. What are the effects of raising the minimum

wage? It is more complex than simply producers lose and workers gain. Who are the winners and who are
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