The cost of products doesn't just come from the raw material used in it. What about R&D cost for example? There's a lot more to establish a product price than simply summing up material cost.
That's why people who otherwise make >$30 an hour will line up for 30 minutes for gas to save maybe $3 when they hear gas prices will go up the next day.
That's also why your relatives think nothing of your time before asking you waste several hours of your precious time to help fix their malware infested PC.
In almost every case the time spent doing those things (queueing for gas or fixing someone's PC) could, or better yet, would not have otherwise been spent making >$30/hour.
You could make the case (for argument's sake) that someone who works 8h/day for $30/h and sleeps 8h/day has an an awake time value of $15/h.
While this is definitely a frivolous and arbitrary calculation, it can be a useful metric for a busy person to figure out what his/her time is worth in terms of prioritizing activities. For example, waiting 30 minutes in line to save $3 in gas vs waiting 2 minutes and not getting the $3 savings.
Those 28 minutes could have been spent doing something else, such as quality time with the kids (priceless?), etc.