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Question: 2 7.5 marks Assume that in a given country, tax revenues, T, depend on income, I, according to the formula T = -4000+ 0.2I

Question: 2 7.5 marks Assume that in a given country, tax revenues, T, depend on income, I, according to the formula T = -4000+ 0.2I Required: You are to fill the given table given the level of income. Income Tax Liability Average Tax Rate Marginal Tax Rate $2,000 3,000 5,000 10,000 30,000 (Please note each blank space carries mark)

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