Sorry it's been over a week since my last post....I haven't found any interesting econ news lately. Three Americans won the Econ Nobel on Monday (blah blah blah;) )
Anyway, me and some friends from work heard about Spaghetti factory (whose spaghetti dishes are usually about $7 a pop) was celebrating its 25th anniversary of being in Indianapolis. So, my friends invited me to go out and enjoy the "special price" spaghetti of $2 a plate. That is a significant reduction. I thought there would be a line since I know a thing or two about supply and demand, but I was not expecting a line that was over 2 blocks long to basically pay $5 less for a plate of a food that I can make at home in 10 minutes for about $2.
One of my friends went to the front of the line while the rest of us stayed behind to inquire how long the line was going to take. He talked to some people at the front who had already been there for 40 minutes and were just about to enter the restaurant....to stand in ANOTHER Line (to be seated). So now this got me thinking.... how worthless do these people value their time? Or, is there some added benefit to be gained by the "experience." I'm sure there is something to the latter - and I'd like to think that hundreds of peoples' value of time isn't so cheap.
But I don't know. I know my time ain't THAT cheap. So I convinced my friends to ditch the line after about 15 minutes of barely moving to go eat at a nearby restaurant featuring happy hour prices ----$1.95 for a huge cheeseburger and seasoned fries. I think I made a good choice.