An economy has one good produced one-for-one from labour. The representative consumer has $U\!\left(C, \tfrac{M}{P}\right) = \tfrac{3}{4}\ln C + \tfrac{1}{4}\ln\!\tfrac{M}{P}$, labour endowment $50$, money endowment $\bar M = 100$, with constant money supply $M = \bar M$. If the price is flexible (so labour is fully employed), the equilibrium price is