"One's first step in wisdom is to question everything--and one's last is to come to terms with everything." ~ Georg Christoph Lichtenberg

# Price Versus Cost

"Suppose you buy a gallon of gas for $3. How much did it cost you? You say, “Williams, that’s a silly question. It cost $3.” That’s where you’re mistaken, because there’s a difference between price and cost. To prove that price and cost are not the same, consider the following. Suppose you live and work in New York City and routinely pay $15 for a haircut. Imagine you were told that there’s a barber in Boise, Idaho, who can give you the identical haircut for just $5. Would you start going to the Boise barber? I’m betting you’d answer no because even though the price is cheaper, the cost is greater."

- Login to post comments

23 hours 50 minago2 days 6 hoursago2 days 22 hoursago2 days 23 hoursago2 days 23 hoursago3 days 7 hoursago6 days 2 hoursago6 days 2 hoursago6 days 5 hoursago6 days 21 hoursago