Consider the following supply-and-demand diagrams depicting the markets for X and Y, respectively. In the market for good X, supply is perfectly elastic, indicating that producers are prepared to supply any amount of X at price p Subscript 0. Quantity of X Price of X Upper S 0Upper D 0Upper D 1p 0 A graph has a positive horizontal axis labelled Quantity of X and a positive vertical axis labelled Price of X. A horizontal line labelled Upper S 0 is at vertical coordinate p 0. A smooth curve labelled Upper D 0 falls from left to right at a decreasing rate, crossing line Upper S 0. A smooth curve labelled Upper D 1, falling from left to right as a decreasing rate, is above and to the right of curve Upper D 0 and crosses line Upper S 0 at a point directly to the right of where curve Upper D 0 crosses line Upper S 0. A horizontal arrow points to the right from curve Upper D 0 to curve Upper D 1. Quantity of Y Price of Y Upper S 0Upper D 0Upper S 1p 0p 1 A graph has a positive horizontal axis labelled Quantity of Y and a positive vertical axis labelled Price of Y. A smooth curve labelled Upper D 0 falls from left to right at a decreasing rate. A smooth curve labelled Upper S 0 rises from left to right at an increasing rate, crossing curve Upper D 0 at a plotted point with vertical coordinate p 0. A smooth curve labelled Upper S 1, rises from left to right at an increasing rate, is below and to the right of curve Upper S 0. Curve Upper S 1 crosses curve Upper D 0 at a plotted point with vertical coordinate p 1, which is below and to the right of the point where curve Upper S 0 crosses curve Upper D 0. A horizontal arrow points to the right from curve Upper S 0 to curve Upper S 1. Part 2 a. In the market for X, demand increases from D Subscript 0 to D Subscript 1. As a result, the total value that consumers place on X