Consider the following tax rate structure.Is it horizontally equitable? Why or why not? Is it vertically equitable? Why or why not? 
Definitions:
Average Cost
The total cost of production divided by the quantity of output produced, representing the cost per unit of output.
Marginal Cost
The rise in overall expenses incurred from manufacturing an extra unit of a good or service.
Economic Profit
The separation between total proceeds and cumulative costs, covering both explicit financial outlays and implied expenses.
Opportunity Costs
The loss of potential gain from other alternatives when one particular alternative is chosen over others.
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