What is an example of inelastic goods?

Answer by  DRC (33)

These are goods in which demand varies little when the price either increases or decreases. This means that the goods included in this area include water, gas, electricity, petrol, diesel - in fact goods classed as necessities rather than luxuries.

Answer by  Guri (16)

An Inelastic good is that whose demand remains unchanged with a change in price. Cigarettes, liqour, gasoline and heating oil are some of the examples of Inelastic goods.