drummerman said:
You probably took the pensioner as an example of someone being exploited because they are either intimidated/vunerable or not in full command of their faculties.
Lets assume he is not (intimidated/vulnerable nor lacking in mental faculties) but happy to pay a grand for 50 quids worth of work ... yes, its ok.
Its all about choice. He could have had other quotes. He could have questioned the price. He didn't and was happy to pay. To him, its worth it, for whatever reason.
If most other traders would have done the same job in this highly hypothetical situation, just as well, for £50 then I'd consider it as unethical behaviour to charge £1000.
The company I work for enforces strict levels of ethical behaviour.
Ethical behaviour makes a lot of sense. If my company were found to be charging 20 times more for a particular job than our competitors the resulting publicity would be extremely damaging to the extent that we may well be put out of business.
Charging 50% more or 100% more is one thing and is within the realms of ethical behaviour. Charging 2000% more is unethical and would be unacceptable behaviour for any company - in my opinion.