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

P = 216 - 4Q

Where Q is Firm W's output level.

Firm W's total cost function is given by:

TC(Q) = 15Q + 47

How much profit is Firm W earning when maximizing profits? Assume Firm M cannot price discriminate.

(Hint 1: MR = 216 - 2*4*Q)

(Hint 2: MC = 15)

(Hint 3: Once you find Q*, then find P*, use this information to find profit)