Suppose the tax rate on the first $10,000 income is 0 percent; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $30,000; and 40 percent on any income over $80,000. Family X has income of $50,000. What is the marginal and average tax rate for Family X? O A. marginal-25 percent; average-15 percent OB. marginal 10 percent; average-12 percent O C. marginal-20 percent; average-12 percent O D. marginal-15 percent; average-25 percent

Suppose the tax rate on the first $10,000 income is 0 percent; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $30,000; and 40 percent on any income over $80,000. Family X has income of $50,000. What is the marginal and average tax rate for Family X? O A. marginal-25 percent; average-15 percent OB. marginal 10 percent; average-12 percent O C. marginal-20 percent; average-12 percent O D. marginal-15 percent; average-25 percent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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