Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance. Consider the following tax slab for calculating the average tax rate and marginal tax rate.Income range ($) Tax rate (%)03142500-20,00020,001-39,00039,001-70,00070,000+Calculate the average tax rate and marginal tax of a person with income as 123000.a. The average tax rate is 37% and marginal tax rate is 50%.b. Average tax rate is 36% and marginal tax rate is 50%.c. The average tax rate is 47% and marginal tax rate is 50%.d. Average tax rate is 37% and marginal tax rate is 42%. Which of the following sequence is correct if the demand for the decreases given that theindustry is in long run?..a. Demand decreases, price decreases, firm exit, supply decreases, price increases until thefirm attains the long run equilibrium.b. Price decreases, demand decreases, firm exit, supply decreases, price increases until thefirm attains the long run equilibrium.c. Demand decreases, price increases, firm exit, supply decreases, price increases until thefirm attains the long run equilibrium.d.Demand decreases, price decreases, firm enter, supply increases, price decreases until thefirm attains the long run equilibrium.

The marginal tax rate is the amount of additional tax paid for every additional dollar earned as…

Consider the following tax slab for calculating the average tax rate and marginal tax rate. Income range ($) Tax rate (%) 0 31 42 50 0-20,000 20,001-39,000 39,001-70,000 70,000+ Calculate the average tax rate and marginal tax of a person with income as 123000. a. The average tax rate is 37% and marginal tax rate is 50%. b. Average tax rate is 36% and marginal tax rate is 50%. c. The average tax rate is 47% and marginal tax rate is 50%. d. Average tax rate is 37% and marginal tax rate is 42%.

Consider the following tax slab for calculating the average tax rate and marginal tax rate. Income range ($) Tax rate (%) 0 31 42 50 0-20,000 20,001-39,000 39,001-70,000 70,000+ Calculate the average tax rate and marginal tax of a person with income as 123000. a. The average tax rate is 37% and marginal tax rate is 50%. b. Average tax rate is 36% and marginal tax rate is 50%. c. The average tax rate is 47% and marginal tax rate is 50%. d. Average tax rate is 37% and marginal tax rate is 42%.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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