In a monopoly market, if the marginal cost of production increases, how is price elasticity of demand likely to affect the final price consumers pay?

In a monopoly market, a single seller controls the entire supply of a product, which gives them the power to set prices. If the marginal cost of production increases, the monopolist will likely raise the price of the product to maintain profit levels. The price elasticity of demand measures how sensitive consumers are to price changes. If demand is inelastic, meaning consumers will buy roughly the same amount even if the price increases, the monopolist can raise prices without losing many customers. For example, if a monopoly sells a life-saving medication and raises the price due to higher production costs, consumers may still purchase it because they need it, leading to higher profits despite the cost increase.