Deep-dish pizza is probably the most famous thing about Chicago. I was surprised to pay 12 dollars after sharing a pie with a friend at Pizzeria Uno, as most sit-down dinners cost more, and even some fast-food meals cost just as much.
I think there is one most important reason for this, the opportunity cost of time. You have to wait around 45 minutes for a deep-dish pizza, and the opportunity cost of that time for the average American worker who makes around 30 dollars an hour is 22.5 dollars, if the meal took 20 minutes like an average restaurant, the same pizza could easily cost 20 dollars.
This example is useful for understanding the difference between explicit and implicit costs, the explicit cost of the pizza is 12 dollars but including implicit costs, or opportunity cost, the cost is closer to 25.
So, the next time you have some time to kill (when your opportunity cost is 0), going for deep-dish pizza might be the economically right thing to do.
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