[bawolff]

High end goods and services are not races to the bottom.

For example, when was the last time you saw an airline undercut their competitors' first-class ticket price? How many sports-car manufactures get in price wars with their competition?

If your services are supply-constrained and there is a string market, you can charge whatever you want (to an extent, at least many times your cost of living), your cost of living doesn't matter when setting your prices in that situation. Your value is what the market dictates, not how much it costs you to buy a loaf of bread.