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Personally, I'm more apalled at the prices people are charging for Clefthide Armor Kits, and not because they're too high. Just last week, I put up 5 for sale on the AH at a modest price of 65g, and within an hour, there were 10 other sellers undercutting me, going as low as 50g.
It's not so much that the "market" is broken, but more that other people in this game don't understand the simple economic principles that apply to perfect competition with a homogenous product. If they wan't to lose out on potential profit, that's fine by me, but not when it cuts into my profits as well.
Then you're missing out on what capitalism is all about. I only make items to sell as a LW when I know that I can sell them for less than what is on the AH right now. I make and sell the following at these prices all day long, and NEVER have to relist, and still make a profit:
Deviate Scale Belt: 5.75 Gold
Toughened Leather Gloves: 5.0 Gold
Barbaric Bracers: 7.0 - 7.5 Gold.
Wolfshead healm: 5 Gold.
granted I'm only a 43 rogue, but I'm able to get the mats (a lot of times right off the AH) and sell them. I undercut everyone, and I don't lose sleep over it. Profit is profit, and as long as I'm turning a profit, I don't care. I do the same thing with my alts who tailor, alch, and my miners. I have nothing but thread and dye in junky Green cloth stuff, so I can sell it cheap, let the enchanters by it to DE and still make a profit. I only have the cost of vials in the pots, so I can sell them cheap, and they ALWAYS SELL. I sell my bars / ore the same way. There are things that I want in the game (like double fiery'd zigglers for my rogue... they look so pimp on him now) so I went and did what I had to do to raise the cash. (for those keeping tally that's 120g -ish for the blades and fiery.
My mentality is: "It's only worth what someone is willing to pay for it" that's how I make money in real life every day. that's the philosophy I take to get the crap I want in WoW.
Edited, Sep 21st 2007 8:53am by BPNshoju