Refer to the articles, "Auto Industry Bailout" and "The Auto Industry NYT." In late 2008, General Motors appealed to the U.S. government for financial assistance. On the March 30, 2009 deadline President Barack Obama declined to provide financial aid to General Motors, and requested that General Motors produce credible plans, saying that the company's proposals had avoided tough decisions, and that Chapter 11 bankruptcy appeared the most promising way to reduce its debts, by allowing the courts to compel bondholders and trade unions into settlements. After Chapter 11 restructuring, GM returned to profitability rapidly (by 2010). How were they able to turn things around so quickly? Draw a graph that shows how this affected GM's cost structure by assuming GM is operating in a perfectly competitive industry and explain thoroughly. (hint: use AFC, ATC, MC curves) Draw graphs and explain your answer in detail for full credits.