If a product has inelastic demand, how would an increase in consumer income typically affect its revenue, assuming that the income elasticity of demand for the product is positive?

If a product has inelastic demand, it means that consumers will buy about the same amount of it even if the price changes. When consumer income increases and the income elasticity of demand for the product is positive, it suggests that people will buy more of this product as they have more money. Since the demand is inelastic, the increase in income will lead to higher sales, which can boost the product's revenue. For example, if a person usually buys a specific brand of soap, they might buy more of it if they get a raise, even if the price of the soap goes up a little. Therefore, overall revenue for the company selling this soap would likely increase due to the combination of inelastic demand and higher consumer income.