A monopolist has the power to control the price and output of a product in the market as it is the only supplier of that product. To boost up the revenue, a monopolist has to maximize its profit, which is the difference between total revenue and total cost.
To increase revenue, a monopolist can either increase the price of the product or the quantity sold, or both. However, the increase in price or quantity sold may have different effects on the revenue depending on the price elasticity of demand.
If the demand for the product is inelastic, an increase in price will result in a relatively small decrease in quantity demanded, which will lead to an increase in total revenue. Conversely, if the demand is elastic, a price increase will lead to a significant decrease in quantity demanded, resulting in a decrease in total revenue.
Therefore, to boost up the revenue, a monopolist may increase the price of the product if the demand is relatively inelastic. Additionally, if the monopolist has the ability to restrict the output and increase the price, it can increase revenue by producing less and charging a higher price, provided that the price is not too high that it drives away all customers.
In summary, a monopolist can boost up its revenue by either increasing the price of the product, reducing the total output to match the price, or adjusting both the price and output upward, depending on the demand elasticity and market conditions.