Using Your Answers to Questions 69 and 70,and Without Simulating

question 51

Essay

Using your answers to Questions 69 and 70,and without simulating the model again,estimate how much an extra 5% customer satisfaction is worth to GM.

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Definitions:

Average Behavior

the typical or mean actions or reactions of a group or individual, serving as a standard or norm for comparing specific behaviors.

Rent Controls

Government-imposed limits on the amount landlords can charge for leasing residential properties to ensure affordable housing.

Secondary Effects

The indirect impacts of an economic event, policy, or decision that may occur as a consequence of the primary effect, affecting different sectors or parts of the economy.

Economics

The social science that studies how individuals, governments, and societies make choices regarding the allocation of limited resources to satisfy unlimited wants.