Tax Compliance And Smes Economics Essay

Tax Compliance And Smes Economics Essay According to Marti (2010) tax compliance is a complex term to define. Simply put, tax compliance refers to fulfilling all tax obligations as specified by the law freely and completely. It has been found that regulatory burdens fall disproportionately on small and medium enterprises internationally (Pope Abdul-Jabbar, 2008). Their size and nature makes the issue of tax compliance one of particular importance especially since most SMEs have access to limited resources and inadequate expertise to comply with diverse and complicated regulation. He also believes that high compliance costs can result in tax avoidance, tax fraud, and inhibit investment by way of diminishing competitiveness of the country in terms of taxation attractiveness. Tax non-compliance may be in one of many forms; it could either be failure to submit a tax return within the stipulated period or non submission, understatement of income, overstatement of deductions, failure to pay assessed taxes by due date. (Kasipillai Abdul Jabbar, 2006) and in some cases non-compliance may mean an outright failure to pay levied taxes. Studies have shown that the problem of tax evasion is a widespread one (Kasipillai Abdul Jabbar, 2006). Furthermore, Fagbemi, Uadile Noah (2010) found that it is prevalent in developing countries and it hinders development thereby leading to economic stagnation and other socio-economic problems. Chipeta (2002) identified tax rates as one of the causes of tax evasion. He pointed out that a higher tax rate increases taxpayers burden and reduces their disposable income therefore, the probability of evading tax is higher. 2.5 Tax Policy and Level of Voluntary Compliance among SMEs Small taxpayers under the regular system of taxation are discriminated against, since the compliance requirements, cost of compliance and tax rate are the same for both small and large enterprises. Reducing the compliance costs and tax rate increases the small enterprises profit margin. It also increases the Governments tax revenue, since the simplified provisions for small and medium enterprises reduce the size of the informal economy and the number of non-complying registered taxpayers (Vasak, 2008). Furthermore, SMEs usually have to operate in an overbearing regulatory environment with the plethora of regulatory agencies, multiple taxes, cumbersome importation procedure and high port charges that constantly exert serious burden on their operations. An overly complex regulatory system and tax regime or one opaque in its administration and enforcement makes tax compliance unduly burdensome and often have a distortionary effect on the development of SMEs as they are tempted to morph into forms that offer a lower tax burden or no tax burden at all (Masato, 2009), and this results in a tax system that imposes high expenses on the society. A poorly executed tax system also leads to low efficiency, high collection charges, waste of time for taxpayers and the staff, and the low amounts of received taxes and the deviation of optimum allocation of resources (Farzbod, 2000). Existing empirical evidence clearly indicates that small and medium sized businesses are affected disproportionately by these costs: when scaled by sales or assets, the compliance costs of SMEs are higher than for large businesses www.ccsenet.org/ijbm International Journal of Business and Management Vol. 7, No. 12; June 2012 Published by Canadian Center of Science and Education 91 (Weichenrieder, 2007). 2.6 Tax Policy that will Encourage Voluntary Compliance by SMEs SMEs constitute untapped revenue potential and an uneven playing field in many countries (International Tax Dialogue, 2007) as such they need to be captured by the tax net. However, though legislations are necessary regulator for protection of the business environment and security of the economic agents, for establishment of the necessary social security regulations, they may also hamper compliance and the growth of business through additional expenditures and administrative obstacles. Thus Shahroodi, (2010) stated that for a tax system to be efficient, the tax policy needs to be designed such that the tax rates are appropriate and rational, the exemptions are lower in amount, the tax collection organization are more efficient, the tax burden of the indigent people should be lighter and the fight against corruption and tax evasion should be much more intense. Tax policies can be designed in such a way that they do not only directly affect SMEs but also indirectly push for voluntary compliance and their growth. Yaobin (2007), emphasized declared that special tax regimes for SMEs may be appropriate policy instruments for minimizing the cost of collection. Because awareness of the dangers of inadequate taxation of SMEs has grown because of the potential of uneven tax enforcement to cause distortions of competition, voluntary compliance by larger enterprises and by wage earners, (International Tax Dialogue, 2007), government intervention should help maintain balance while ensuring that countries exploit the social benefits from greater competition and entrepreneurship. Pro-business (and Pro-SME) Tax regimes and enforcement should be simple, consistent and predictable should to lower compliance and administrative costs, and hence reduce uncertainty faced by taxpayers as well as improve the levels of voluntary compliance (Kasipillai, 2005). 2.7 Theories of Tax Compliance Various opinions exist about the best ways to improve tax compliance. Given the chance, a lot of businesses will not pay taxes unless there is a motivation to do so. Some believe that the best way is to increase incentives (Feld Frey, 2007) others believe the best way is to increase penalties. Tax compliance theories can be broadly classified into two. They are; economics based theories and psychology based theories. 2.7.1 Economic Based Theories They are also known as deterrence theory and they place emphasis on incentives. The theory suggests that taxpayers are amoral utility maximizers- they are influenced by economic motives such as profit maximization and probability of detection. As such they analyze alternative compliance paths for instance whether or not to evade tax, the likelihood of being detected and the resulting repercussions and then select the alternative that maximises their expected after tax returns after adjusting for risk. This process is referred to as playing the audit lottery by Trivedi and Shehata (2005). Therefore according to the theory, in order to improve compliance, audits and penalties for non-compliance should be increased. 2.7.2 Psychology Theories Psychology theories on the other hand posit that taxpayers are influenced to comply with their tax obligations by psychological factors. They focus on the taxpayers morals and ethics. The theories suggest that a taxpayer may comply even when the probability of detection is low. As opposed to the economic theories that emphasize increased audits and penalties as solutions

Job Offset in a CNC Milling Machine

Job Offset in a CNC Milling Machine (a) Introduction 3.1 This narrative is based on my final year project, completed as a part of my bachelors degree in Mechanical Engineering at Rajiv Gandhi College of Engineering (Anna University affiliated) Tamil Nadu, India. The project on Job offset in a CNC milling machine was carried out at Tractors and Farm Equipment Private Limited (TAFE), Tamil Nadu, India and was performed between the months of Jan, 2014 to April, 2014. (b) Background The final year project is a mandatory unit for the bachelor of engineering degree which has to be completed in a group of four as a part of the curriculum. I did this along with three others who were with me during the last semester of my degree. During the course of the project, I presented several presentations and seminars according to the guidelines of Anna University. The project was done in order to reduce the defects during production at Tractors and Farm Equipment Limited (TAFE). With increasing competition in all fields and industries, the market demands zero defect products. In order to facilitate this, I implemented the poka-yoke scheme to reduce the production defects by using simple cost effective techniques. In a machine cell, the quality of machining should be inspected after each machining. After every machining, the quality of product gets reduced due to the formation of the burr which further leads to an offset in the next job. This offset causes the quality loss in machining and hence the product dimensions have a slight deviation from the actual dimension. The nature of my work was to design a pneumatic system which alerts the machine operator if an offset was detected. The project was supervised under Mr. Manoj Kumar Roy, the assistant professor in the department of Mechanical Engineering at Rajiv Gandhi College of Engineering. I also did extensive literature research on total quality management techniques and came up with this poka-yoke strategy for mistake proofing to prevent defects. Some of the core principle duties of this project incorporated the following: During the course of the project, I attended meetings with my project coordinator and my team mates to discuss the progress of our project. I also coordinated several formal and informal group meeting with my group members to discuss on any problems encountered during the course of the project. I presented seminars and reports as a part of my bachelors degree curriculum. I referred to a number of papers to collect information on the poka-yoke scheme. I performed a plant quality analysis to analyze the number of product defects in a particular year. I prepared a report on the observations made by each member of the team. (c) Personal Engineering Activity The ever increasing production demands for a zero defect product quality. This has given rise to various techniques for quality management. Among different techniques, I selected the poka-yoke technique which is a Japanese improvement strategy for mistake-proofing to prevent defects from arising during production processes. I selected this technique because of its simplicity and efficiency in a cost efficient manner. I performed an analysis to determine the major causes of defects in order to device ways to reduce or eliminate them. I found that, the errors are often due to the misunderstanding, incorrect identification, could be good intentions but improperly implemented such as processing errors, error in setting up the work piece, assembly omissions, a wrong part was included, wrong work piece, errors in preparation of tools, equipment maintenance errors, operational errors, dimensional errors, fixtures, blades. etc. All these errors was prevented by the application of the poka-yoke technique. I prepared a flow chart (figure 1) for the methodology to be followed for mistake proofing. I referred to a number of papers to learn more about the concept of poka-yoke. I found out that poka-yoke can be classified into three types as shutdown poka-yoke, warning poka-yoke and control poka-yoke. I analyzed the sales profile of the company for its various products: transmission casing, front axle line, centre housing line and differential casing line. Figure 1: Methodology of mistake proofing I applied the poka-yoke technique for the elimination of errors in a CNC milling, drilling and boring machines. A milling machine is a fully computer controlled vertical mill with the spindle moving vertically along the Z axis. The first equipment that I designed for the elimination of errors in the CNC milling machine was the pneumatic air filter. Figure 2: Pneumatic air filter In the compressed air system, hard particles tends to damage the equipment and piping. The result is damage to the system and more particles are generated. The pneumatic air filter helps eliminate these impurities. The next equipment which I suggested for the machine was the mist collector. The mist collector works on mechanism of inertial impaction, interception and Brownian diffusion. I also included the use of an air pressure regulator which is a valve that automatically cuts off the flow of a liquid or gas at a certain pressure. I designed an air micro switch which is a switching device used for detecting the displacement of work piece and is kept on a machine while machining. It applies the principle of air micrometers, and can detect the seating of the objects without contact. It is designed in such a way to work in any harsh conditions, so that it can be placed inside the drilling machine. The back pressure that is received from the sensed components was allowed to hit a diaphragm which then deforms to give the pressure output. If the pressure received was large enough to move the air switch upwards, it closed the circuit and hence the operator could be alerted. However, the output current that was produced by the sensor was very low and hence to amplify the output signal, I placed a PNP transistor inside the sensor. The transistor amplifies the current and sends it to the output. Figure 3: Circuit diagram and specification of PNP transistor Similarly, pneumatic coupler, pneumatic manifold, rest pad and relay circuits were also added. Figure 4: Schematic of the components used in the machine The project was mainly intended to alert the machine operator if a job was not seated correctly on the CNC machine. The clamps that hold the job in the CNC milling machine would not work unless the proper seating takes place. The minimal gap allowed was 10 microns. Beyond that the relay switches off the clamping circuit. The shut off valve cuts off the pneumatic circuit in case of any emergencies. The mist separator was used to absorb the moisture content present in the air. The purpose of air filter was to remove the impurities present in the air which could cause damage to the machine during operation. The air pressure is regulated by the regulator passing through the air filter. This prevents damage to the machine. The air micro switch acts as the sensor. If the pressure that was received from the device was not sufficient enough, then the clamping circuit would be disengaged. Pneumatic coupler connects the air supply with the pneumatic manifold. The purpose of the manifold was to divide the supply of air to multiple channels. Rest pads or Butt pads are the provisions provided on the machine for the job to be seated. The main objective of this project was to provide mistake proofing to a CNC machine. I was able to execute this by making changes to the existing horizontal milling machine. I analyzed the defective product after the implementation of the project. The implementation of the project leads to the decrease in rejection of the machined products by 3% and have considerably increased the production rate. Finally, a master report was submitted to our department head. I also underwent an oral viva voce examination where I had to present my part of the project briefly and answered questions about various aspects of the project. (d) Summary This project in my engineering career helped me comprehend valuable principles of working together as a team and presented me the opportunity to understand and implement my theoretical knowledge into practice. I understood the importance of working as team and the need to step up as a leader when necessary. I gained profound knowledge in total quality management, seminars and presentations which boosted my confidence during the course of the project. The project was completed in time and well within budget. It also provided me a great exposure with company personnel and I benefitted a great deal from the interactions with company superiors.

Mozart :: essays research papers

Wolfgang Amadeus Mozart was born in Salzburg, Austria on January 27th, 1756. He was born to Leopold and Anna Maria Pertl. Leopol was a very successful composer, voilinist, and the assistant concertmaster at the Salzburg court. Mozart showed musical talent at a very young age. By age five he was composing minuets.And at age six he played before the Bavarian Elector and the Austrian Empress.His father taught him, but said teahcing Wolfgang was hard because he knew so much already. His father was also his largest influence. In 1763 Wolfgang’s father, Leopold, took him and his sister, Maria Anna, on a concert tour of Europe. The children performed in many courts and large cities including Paris, London, and Germany. They astonished their audiences wherever they performed. In London Wolfgang wrote his first symphonies and met Johann Christian Brahm, who had a very large influence on him. In Paris Wolfgang published his first works, four sonatas for clavier with accompanying voilin. In 1768 he composed his first opera, La Finta Semplice, which was presented for the first time a year later in his home town of Salzburg. In 1769 Wolfgang and his father set out on another tour of Italy. Here Wolfgang wrote a new opera, Mitridate ri de Ponto. He also wrote two more operas for Milan, Ascanio in Alba and Lucio Silla. Three years later in 1772 Wolfgang was appointed concertmaster to the archbishop of Salzburg, his home town. He composed many works while he was concertmaster. But this job was not good for him and he did not get anolg with most of the people around him. So, he soon quit this job to travel to Paris with his mother and look for a new job. In 1777 Wolfgana and his mother, Maria Anna, went to Paris, France. While here Wolfgang composed many works including The Paris Symphony (1778). But, he could not find a permanent job there. His mother died in Paris this year and this upset Wolfgang very much. He returned to Salzburg in 1779 and was made the court organist. He wrote many church works then, including the famous Coronation Mass. He was supposed to write a new opera for Munich, Idomeneo. In 1781 he was called to Vienna by von Colloredo. His career in Vienna started out wonderfully. He was soon assigned to write The Abduction from the Seralio (1782). The emporer loved his music, and later got him the job of court composer. Mozart was now very popular in Vienna. That year he married Constenze Weber, from Germany. His father was not happy with this

The Philosophy of Cognitive Science Essay -- Neurology Psychology Pape

The Philosophy of Cognitive Science Psychophysical dualism — the distinction between mind and body — is the counterposition between essentially irreducible elements: the mind and body. Such a dualism implies the main ontological problem of the philosophy of cognitive science and philosophy of mind: the mind-body problem (MBP). The dualism and the referred-to problem has been insistently discussed in the philosophical tradition and several solutions have been proposed. Such solutions are properly philosophical or require a scientific approach. First, I will expound the philosophical solution to the MBP proposed by Descartes, to be followed by an exposition of Ryle's criticisms to the solution. Second, from Ryle's criticism, I will deduce a scientific solution to the MBP related to the neural framework model of mind in cognitive science by means of what I call 'the principle of the embodiment of the mind.' Finally, I shall point out the philosophical difficulties that are to be found in using such a princip le. If I've reason, then the philosophical problems must let dissolve themselves without any rest, differently from others... — Ludwig Wittgenstein But this very attraction should make us suspicious: in the history of philosophy, attempts at showing a problem to be "pseudo-problem" have often encountered the very same difficulties that have beset attempts to solve the problem. — Hilary Putnam I - INTRODUCTION The psychophysical dualism or mind-body distinction is the counterposition between two essentially irreducible elements: soul and body. Such dualism implies, as we will show, the more discussed issue of philosophy of cognitive science and philosophy of mind: the mind-body problem (MBP, henceforth) whose the en... ...r and Zopf, Pergamon, p. 255-78, 1962). Atlan, H. Entre le Cristal et la Fumà ©e. Essai sur l'organisation du vivant. Ed. du Seuil, Paris, France, 1979. Churchland, D. P. Theories of Brain Function. In : Neurophilosophy: Towards a Unified Science of Mind and Brain, MIT Press, 1986. Descartes, R. Les Meditations Metaphysiques. Ec. Tannery & Adam: Librairie Philosophique L. Vrin, vol. IX -1, 1982. Gardner, H. The Mind's New Science: A History of Cognitive Revolution. New York, Basic Books, 1987. Guà ©roult, M. Descartes Selon l' Ordre de Raisons. Ed. Aubier, vol 1, Paris, 1964. Gonzales, M. E. Q. Neural networks and Mental Representation: An essay on Harmony and Rationality. In: Trans/ Form/Aà §Ãƒ £o, Sà £o Paulo, v. 14, p.93-108, 1991. Nagel, E. The Structure of Science: Problems in the Logic of Scientific Explanation. Routhledge & Kegan Paul, London, 1961.

Eugenics: An Excuse To Be A Racist Or A Means To A Better Tomorrow? :: essays research papers

Eugenics: An Excuse to be a Racist or a Means to a Better Tomorrow? The term eugenics was coined in the late 19th century. Its goal was to apply the breeding practices and techniques used in plants and animals to human reproduction. Francis Galton stated in his Essays in Eugenics that he wished to influence "the useful classes" in society to put more of their DNA in the gene pool. The goal was to collect records of families who were successful by virtue of having three or more adult male children who have gain superior positions to their peers. His view on eugenics can best be summarized by the following passage: What nature does blindly, slowly, and ruthlessly, man may do providently, quickly, and kindly. As it lies within his power, so it becomes his duty to work in that direction. They sought to establish this by discouraging marriages that were unfavorable in terms of eugenics by attaching to them the stigmas associated with marriage between cousins. Margaret Sanger, the pioneer of the movement for birth control, came from a family that would have been viewed by Galton to be unsuitable for reproduction according to eugenics. She was the sixth of eleven children born into her poor Irish family. She felt that women's reproductive freedom was essential. She coined the term voluntary motherhood and opened the first birth control clinic in the country in Brooklyn in 1916. Like many others who supported the birth control movement, she also supported the idea of eugenics trusting that the "human race could be improved through 'controlled breeding'." Sanger felt that all the problems of society were centered around uncontrolled breeding. She decided that women had the right to know about methods of contraception and about the workings of their own bodies. Her views are best summarized by her statement regarding women's reproductive freedom: The basic freedom of the world is woman's freedom . . .. No woman can call herself free until she can choose consciously whether she will or will not be a mother." Angela Davis felt that birth control was not only advantageous to minority and lower-class women, but to women of "all classes and races." She did not however think that fewer children would help the plight of the human race and "could create more jobs, higher wages, better schools, etc., etc." She felt that if women were not troubled by several childbirths and miscarriages that they could pursue other avenues of life outside of the constraints of marriage and motherhood.

Compare and contrast the consequences of WWI respectively WWII Essay

WWI and WWII brought an extreme destruction and devastation to the world, certainly the previous wars had also brought devastation, but in a totally different scale. These wars were the biggest in the history of men with unexpectedly huge causalities to every country participating. The technology of warfare had improved beyond the imagination of men, bringing weapons that could kill enormous masses of people within a short period of time. WWI and WWII both had devastating results, far more than expected since each war took more than 10 million lives each and as written in the header, that was much more than any previous war. The cost of the war had gone along the size. Whole Europe fell in large debts from the wars, and there were inflation everywhere, more severe after the first war, and you can almost assume that the leaders of the countries had learnt something at least. Especially the inflation were high under the depression in Germany. The previous optimism from the 19th century was gone, now people had experienced the true horror of war, of the first world war, and after the second world war the horror that it could be repeated, a thought which didn’t occur to most people after the first war. Partly due to that many countries changed their ideologies after both wars, countries drew back after the first war, trying to repair some of the devastation, along with the more republics that came, the ideologies became more turned inwards – the country above all, we are the better, nationalism is a possible definition, but in many cases, except Germany, who mostly under these years were driven by hatred and revenge against the unfair Versailles treaty, it was more a fear, a paranoia, especially for the French along the Maginot line, â€Å"walls† rose between countries and the whole area were pretty tense, not as tense as before the war, but still everything hadn’t faded away. The exception for this was the USA with their attempts to create the League of Nations, but it became very short lived and hadn’t the impact it needed for becoming strong. However it planted the seed for the coming UN, which makes another similarity, both wars created these welfare organisations. But after the WWII the countries in Europe again started to look over their own borders, becoming a little more widely minded, countries became more involved in worldwide questions and started with these war-preventative organizations like NATO, trying to prepare for the next war, now that they knew that a repeat of the war weren’t impossible. These would show themselves useful sooner than expected. Since WWII as well as WWI led to a new conflict, for WWI obviously the WWII, and later for the second, the cold war, although it weren’t even close to the scale of the previous wars mostly due to the fact that it didn’t blossom to the war it were predicted to. Both wars also had an enormous impact on the economy in Europe. Among others huge economic debts piled up for each country involved. Furthermore the countries lost labour, since they got killed in the war. This was a downfall for the economy but to make up for some of the scarcity of labour women got to work in the factories, something which earlier was unthinkable, especially in the first world war. A general opinion of men during the late 19th century and the early 20th century was that women should be at home, taking care of the family etc, while men should work, providing the family with money. Although women was accepted working in factories to a great extent in the second world war, compared to the first and especiallty the time before, it would take a lot of more years before a women, not during war time should work. This also provided to the new liberal ideologies after the Second World War. Moreover things that had an impact on the economic change was the new technical improvements during the wars, since many products was invented as a consequence of the war and also the rate of mass production rose during the first world war. Also due to the enormous cost of the war there were inflation in many countries, one extreme example is Germany after the first world war, the Versailles treaty had put Germany under unimaginable debts. Debts that Germany had no opportunity paying back. That’s the major reason behind the inflation, when in just a few months in 1923 the worth of the mark compared to the dollar rose from 4.6 million to 4.3 trillion, about 1000000 times as much. Also the geography of the world changed after the wars, the borders changed quite a lot, and for example the first world war was the final blow for the Ottoman Empire, the reason that it fell, although it were about to fall anyway this was the spark. Then during the war Austria Hungary fell and the borders changed a lot in the Balkans. Finally, as pointed out the effects are quite similar, the atmospheres after the wars were rather similar, both were tense and allowed for new conflicts to start. The distrust of people for the government rose greatly. Furthermore there’s one effect I haven’t taken up yet, the destruction of the earth after the wars, great parts of Europe were affected, trenches were built, big land parts were bombed, and destructed even whole cities were bombed, then especially the Japanese cities Hiroshima and Nagasaki under the second world war. Then there’s the social trauma, both of the soldiers and the families at home, losing their relatives. But as they are similar, there aren’t many significant differences, probably the biggest were however the fact that no country did demand any compensation for the war, then there were no opportunity of a scenario like the one of Germany after the First World War to occur another time. Even though there also were positive sides on the war like the great leap in technology the overall effects were greatly negative, both wars had devastating effects.

Economics Essay

Save this file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson’s assignment for Section 1 would be named JRobinson. Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress. Review Lesson 4 of the Course Overview for instructions about turning in your assignments. Assignment Questions In Section 1, you learned about economic principles. Now, you’ll apply what you learned. 1. Choose a well-known company that you know of, and answer the following questions about it: a. Is this mainly a product-based or service-based business? (1.0 points) it is mainly a product based company. b. What type of good or service is this company best known for? (1.0 points it is a food service company so it is known for the food. c. What makes the company different from its competitors? (1-3 sentences. 3.0 points) this company is known for there quality of fast food. The food is prepared much more fresh than other companies much like this one. This company also tends to have more of a range of foods to pick from. d. Why do you think this company became successful? Describe at least one reason. (1-5 sentences. 2.0 points) I think this company became successful because it was not the first company like it and people like to be able to grab something quickly and go so fast food works well. 2. Choose a different well-known company that you know of, and describe its direct and indirect competitors. Describe at least 2 direct competitors and 2 indirect competitors. (1-5 sentences. 4.0 points) a indirect competitor would be for example if someone opens a shop selling Malay rice while the opposite street another person is selling the same rice but then comes along a person selling Chinese fried rice. Although the person who is selling the Chinese fried rice and the two other competitors are selling Malay rice, the person selling the Chinese fried rice is considered an indirect competitor. But for another example a pizza shop in competition wit a fried chicken shop would be indirect because the products are not the same but they are still competing for sales. 3. Describe at least 3 nonprice competition strategies a company could use to convince customers that its product is better than other similar products. Why would those strategies matter to customers? (1-6 sentences. 3.0 points) It is better quality so it will last longer, it has a better warranty in case anything goes wrong, it functions or looks better than the opposition, the design is future projected. They would matter to the customers because customers care about the quality of whatever product it is they are possibly thinking about investing in. customers also don’t want things that are going to out of date in a year. And of course the customer is going to purchase the product depending on how much better they think it is in general including the appearance of the product. 4. Describe a real or made up but possible example of a product that went through a time of scarcity. What was likely to happen to the price of the product when it was scarce, and why? (1-3 sentences. 3.0 points) alcohol during the prohibition. The price skyrocketed. As the penalties for breaking the law increased, so did the demand and price. 5. Describe a product you know of that has elastic demand. Why is the demand for this product elastic? Explain. (1-3 sentences. 3.0 points) a stock in a micro cap company or a gas pharmaceutical company. Its factors are that the government proposing a law that is in favor of te industry, media, and just regular speculation.