The durations and coverage of the manufacturer's warranty, as well as whether or not the extended warranty overlaps with it, should be taken into consideration. The likelihood of the item needing repairs, as well as the cost of repairing it, should also be considered. Furthermore, it is helpful to
consider the cost of the warranty, its relation to
the cost of the item, and whether it is a full or
limited warranty.
The impact of negligent misrepresentation on a contract is that it may lead to unbearable legal issues that may result to imprisonment or paying of fines.
<h3>What is a contract?</h3>
A contract can be defined as an agreement between two or more in which certain legal obligations are expected to be fulfilled by both parties involved.
When there is misrepresentation on a contract due to negligence, it can mislead a party into signing the contract when they, otherwise, might not have.
Therefore, the impact of negligent misrepresentation on a contract is that it may lead to unbearable legal issues that may result to imprisonment or paying of fines.
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Based on the information given, the marginal cost of the price that should be paid is $250 per hour.
This is an incomplete information. From the complete information, the number of moving crew will be gotten where the marginal cost is equal to the marginal benefit and this will be at the 4th hour. Therefore, the <em>marginal cost</em> and benefit equal $250.
Therefore, one should hire movers for 4 hours. Therefore, based on the information given, the consumer surplus will be:
= $600 + $370 + $250
= $1220
In conclusion, the total consumer surplus for hiring a crew for<u> 4 hours</u> will be<u> $1220.</u>
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