Consider the economy of Citronia, where citizens consume only oranges. Assume that oranges are priced at $1 each. The government has devised the following tax plans: 3. Understanding marginal and average tax ratesConsider the economy of Citronia, where citizens consume only oranges. Assume that oranges are priced at $1 each. The government has devised thefollowing tax plans:Plan APlan B• Consumption up to 1,000 oranges is taxed at 5%.• Consumption up to 2,000 oranges is taxed at 35%.• Consumption higher than 1,000 oranges is taxed at 40%.• Consumption higher than 2,000 oranges is taxed at 10%.Use the Plan A and Plan B tax schemes to complete the following table by deriving the marginal and average tax rates under each tax plan at theconsumption level of 700 oranges, 1,400 oranges, and 2,500 oranges, respectively.Consumption LevelPlan APlan B(Quantity of oranges) Marginal Tax RateAverage Tax RateMarginal Tax RateAverage Tax Rate(Percent)(Percent)(Percent)(Percent)7001,4002,500Complete the following table by indicating whether each plan is a progressive tax system, a proportional tax system, or a regressive tax system.ProgressiveProportionalRegressivePlan APlan B

*Answer: Plan A Consumption level 700 M.T.R = 5% Marginal tax rate is the percentage of tax applied…

Answered: Plan B p to 1,000 oranges is taxed at…

Plan B p to 1,000 oranges is taxed at 5%. • Consumption up to 2,000 oranges i igher than 1,000 oranges is taxed at 40%. Consumption higher than 2,000 ora

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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