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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What is the difference between a marginal tax rate and an average tax rate?

To determine

Identify the difference between marginal tax rate and the average tax rate.

Explanation

The marginal tax rate can be calculated using the following formula:

Marginal tax rate=ΔTax paymentΔTaxable income        (1)

The average tax rate can be calculated using the following formula:

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