Let’s consider the retail market for Sony Playstation 3 video game consoles. If you’re not familiar with this particular good, then you can read about it at www.us.playstation.com. Note that while Sony may be the manufacturer of Playstation 3, the suppliers of this good in the retail market are the firms who actually sell this video game console to consumers.

Identify how you believe the following events would affect the market for Sony Playstation 3 in terms of how the demand and/or supply curves for Playstation 3 should shift.

1. Increase in wages of all retail store employees

2. Adoption of automated (computerized) check-out/purchasing process

3. Decrease in price of Nintendo X-box video game console

4. Increase in price of all Playstation 3 video games

5. US government introduces a sales tax on demanders of goods like Playstation 3

6. Kroger starts selling Playstation 3 consoles at all of its stores

7. With the approach of Winter holidays, retail outlets expect greater sales of all electronic goods