1. The table below shows the average number of ice creams John sells at his stor

Question

1.

The table below shows the average number of ice creams John sells at his store per hour during each month of the year. John charges the same for ice cream all year long. Number of ice creams sold per hour Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 17 21 21 29 34 34 45 47 45 25 13 12 Given the information in the table, in which month should John...... ...work the hardest? December August April July ...take his yearly vacation? January August December November This change in John's allocation of work over time is known as: Time bunching Irreversible investment Intertemporal substitution Complementary substitution

Explanation / Answer

He should work the hardest in August, take his yearly vacation in December. The allocation of work over time is called Intertemporal Substitution.

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