Economics: Which is more valuable, a bar of gold or a haircut?

[Hellios]

Why would the haircut be more valuable? O_o

[Melody]

Like my professor always says "It depends" it depends on what is more valuable to u, which opportunity cost is greater.

[Taximan]

A bar of gold? Gold is up over $950.00 an ounce! What are you talking about?!

[Leopardlady]

depends on the value you, the purchaser, places on the item. A hairstyle from a prestigious firm could very well cost much more than the typical stylist would charge. If you are willing to pay, then you have raised the value.

[Maus]

It depends on who's getting the service or the good. Say you're about to have a date with the girl of your dreams, and you're at home preparing for it, and you realize that your hair looks like a fing jungle. You need a haircut fast. You don't care about gold. At that point of time you're willing to pay more for a haircut than for a useless bar of gold.

Or, to use a different example, let's say you start buying gold. Your first bar of gold might be very valuable to you - you've never seen gold before! You aren't as excited when you buy the second one, although you do want more gold. But after buying a lot of gold and you fill your whole house with gold, the value of the next bar of gold that you're about to buy will be less and less. At some point of time the supplier will have to PAY YOU, in order for you to purchase more gold. At that point of time, a haircut would be much more valuable to you.

[bonnnti]

Oops .haircuts are expensive thesedays thankgod hubby can cut his hair himself