3. Suppose you are initially producing a unique food product at cost c0.3 per unit. WTP is constant across consumers and equal to 1. 3.1. What is the maximum price you can charge in this market? 3.2. A new substitute product comes in: it is produced at a cost c=0.2 and WTP is constant across consumers and equal to 0.7. What's the maximum price you can charge now? 3.3. Suppose now that the quality of the substitute improves and the WTP for it increases to 0.9. What's the effect of this quality improvement on your maximum price? What strategy would help you to increase your final price