1 10 Problem 02-14 (Static) [LO 2-5, 2-6, 2-7] 10 points 09:12:19 Skloped Jurisdiction Z levies an excise tax on retail purchases of jewelry and watches. The tax equals 3 percent of the first $1,000 of the purchase price plus 1 percent of the purchase price in excess of $1,000. Required: a. Individual C purchases a watch for $500. Compute C's excise tax and average excise tax rate. b. Individual D purchases a watch for $5,000. Compute D's excise tax and average excise tax rate. c. Is Jurisdiction Z's excise tax vertically equitable? Complete this question by entering your answers in the tabs below. eflook Ask Print References Required A Required B Required C Individual C purchases a watch for $500. Compute C's excise tax and average excise tax rate. Excise tax Average excise tax rate Individual C % Required A Required B>