Given the following data for a typical firm in a competitive industry, sketch the two short-run average total cost curves and the two marginal cost curves, and answer the following: 
Definitions:
Discharged by Agreement
The termination of contractual obligations through mutual consent of the parties involved.
Contract
A legally binding agreement between two or more parties that outlines obligations and rights of each party.
Anticipatory Breach
Occurs when one party to a contract indicates, before the performance is due, that they will not fulfill their contractual obligations.
Misrepresentation
An untrue statement of fact; an incorrect or false representation.
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