It comes down to perceived value. You get what you pay for and if a day course seems cheap you have to wonder what you are going to get.
I also understand the principle of selling the same number of items,or more, when putting the prices up.
As things have worked out I am, for now at least, somewhat better off as a retired old fart than I ever was when I was working and bringing up kids. If I am at a craft fair or whatever and looking at someones wood turnings ( since this is a turning forum) and they are selling them at cheap prices I would walk away, why would I want to fill my home with cheap <deleted expletive>.
Perceived value again.