Final answer:
The Sony Walkman, released in 1979, was the first electronic device from Japan to gain popularity in the US. Its portability changed how people listened to music and led to the widespread use of headphones. The iPod's introduction later caused a decline in the demand for Walkmans, reducing their equilibrium price and quantity.
Step-by-step explanation:
The first electronic device made in Japan that became popular in the US was the Sony Walkman. Introduced in 1979, the Walkman revolutionized the way people listened to music by providing a portable means to play cassette tapes with headphones. Prior to the Walkman's debut, listening to music was mostly a stationary activity, confined to wherever a record, radio, or cassette player was located. The Walkman's popularity surged in the 1980s, making headphones a common accessory for American youths and paving the way for personal portable music consumption.The advent of the iPod and other portable digital music players had a significant impact on the equilibrium price and quantity of the Sony Walkman and similar portable audio cassette players. The four-step process to analyze this impact includes identifying the shift in demand or supply, determining the direction of the shift, analyzing the impact on the equilibrium price and quantity, and adjusting for any long-term effects or changes. The introduction of the iPod led to a leftward shift in the demand curve for the Walkman as consumers preferred the newer technology, which ultimately decreased the Walkman's equilibrium price and quantity.Portable audio devices have since continued to evolve, with the Walkman now serving as a nostalgic reminder of the transition from analog to digital music platforms.