Suppose that we are in the table salt (salt for food) market and the U.S. Federal Government wants to raise tax revenue by implementing an excise tax on packets of table salt. Use the graph to answer the following questions:1) How much is the excise tax per packet of salt? Who actually remits the tax and how do we know which entity actually remits or physically pays the tax (Clearly articulate your answer in a sentence or two.)2) Suppose that the U.S. Federal Government assumes that the exact same number of packets of table salt will be sold after the tax than as before the tax was implemented. How much revenue is the U.S. Federal Government projected to collect?3) What is the actual excise tax revenue? Why is the actual excise tax revenue less than the projected tax revenue? What was the U.S. Federal Government assuming about consumers? (Clearly articulate your answer in a few sentences for full points.)4) What is the fraction of the tax borne by demanders? What is the fraction of the tax borne by suppliers? (Provide and submit the the elasticity calculations into the textbox below as a PDF file. Please ignore the endpoint problem)5) How realistic are the tax burden calculations in part 4, given the market we are in and the good we are analyzing? (Fully articulate your answers in at least a paragraph using economic concepts and logic.)6) What is the deadweight loss from the implementation of the tax? (Fully articulate and explain why deadweight loss occurs from the implementation of a tax in at least a couple sentences)Submit a PDF file of the elasticity calculations from question #2 part 4 (What is the fraction of the tax borne by demanders? What is the fraction of the tax borne by suppliers?) into this textbox.

Time Value of Money Activity For this activity, read the scenario and then use the provided Week 6 Time Value of Money Excel Template [XLSX] and Week 6 Time Value of Money Template [DOC] templates to complete your activity before uploading them to the submission area. Note: There are locked cells in the Excel template. The cells have been locked to prevent the formulas from being disturbed. The cells that you will need to use to complete this assignment are not locked. You may create your own templates, however, it is recommended that you use the templates provided. Note: Watch the Excel tutorial videos linked in this week to learn how to use Excel before attempting the assignment. You can use the template provided or you may create your own template based on the one provided. Scenario Larry and Beth are both married, working adults. They both plan for retirement and consider the $6,000 annual contribution a must. First, consider Beth's savings. She began working at age 20 and began making an annual contribution to her IRA of $6,000 each year until age 32 (12 contributions). She then left full-time work to have children and be a stay-at-home mom. She left her IRA invested and plans to begin drawing from her IRA when she is 65. Larry started contributing to his IRA at age 32. In the first 12 years of his working career, he used his discretionary income to buy a home, upgrade the family cars, take vacations, and pursue his golfing hobby. At age 32, he made his first $6,000 contribution to an IRA and contributed $6,000 every year up until age 65 (33 contributions). He plans to retire at age 65 and make withdrawals from his IRA. Both IRA accounts grow at an 8 percent annual rate. Do not consider taxes or inflation. Instructions Create a chart summarizing the details of the investment for both Larry and Beth.Write a one-paragraph summary in which you explain the results in terms of the time value of money for both Larry and Beth. (Hint: discuss why one person was able to save a great deal more than the other.) Note: This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions. For help with this homework assignment, please view this video: Click here to watch the video