5. Understanding marginal and average tax rates Consider the imaginary nation of Leguminia, whose citizens only consume beets. Assume that the price of beets is $1 each. The government of Leguminia has developed two different tax schemes, the details of which are outlined below: Plan X Plan Y Consumption up to 1,000 beets is taxed at 5%. . Consumption up to 2,000 beets is taxed at 45%. . Consumption higher than 1,000 beets is taxed at 50%. . Consumption higher than 2,000 beets is taxed at 15%. Use the Plan X and Plan Y tax schemes to complete the following table by deriving the marginal and average tax rates under each tax plan at the consumption levels of 500 beets, 1,800 beets, and 3,000 beets, respectively. Consumption Level Plan X Plan Y (Quantity of beets) Marginal Tax Rate Average Tax Rate Marginal Tax Rate Average Tax Rate (Percent) (Percent) (Percent) (Percent) 500 1,800 3,000 Complete the following table by indicating whether each plan is a progressive tax system, a proportional tax system, or a regressive tax system. Progressive Proportional Regressive Plan X O O O Plan Y O O O