Firm N is a monopolist that faces a market with inverse demand given by:

P = 198 - 3Q

Where Q is Firm N's output level.

Firm N's total cost function is given by:

TC(Q) = 16Q + 40

What price does Firm N charge when maximizing profit? (So, what is P*?) Assume Firm M cannot price discriminate.

(Hint 1: MR = 198 - 2*3*Q)

(Hint 2: MC = 16)