INELASTIC GOODS

Inelastic goods are those which leads to increase in revenue after increasing price. I.e. When price Rises  than their demand did not fall  or fall to a very little extent. For example if increase in price of petrol is 40% than decrease  in consumption of Peteol will only be 5%, this leads to increase in the overall revenue.
           The most famous example of inelastic demand is that  for petrol. As the price of petrol increases the quantity demand do not decreases to that much extent. It is because there is no or few substitute for petrol available. Therefore consumers are still willing to buy it even at relatively higher prices.
               Price elasticity can be generally seen in the goods or services which have no alternatives, for example only Atif Aslam can offer a Atif Aslam concert. He holds the power on the creation and delivery of that experience there is no alternative or substitute, therefore fans are willing to pay for the experience because the delivery is controlled by single person. People are left with no alternative so even at Higher prices people buy the same or higher number of tickets.
        Thus above were the examples of inelastic goods and an effort was made to make everyone understand the concept of inelastic goods.