I would disagree prices are very subjective. Take (my standby example) Miller beer. One of the largest beer producesrs in the world (not that I recognise their produce as beer but that is an aside that is currently irrelevant). They know that the cost of production has very little to do with the end price, hence a miller beer is not the same price universally. The price of a beer in South Africa is about equivalent to 2 hours work, any higher and they think people will be priced out by it. Transfer that to £/$ from Rand and it becomes pennies or cents. If they tried to sell it at UK prices in ZA they would not sell a unit as it would take days to earn enough to by a beer.

So it is all about value.

I might consider that £200 for a bike wheel represents good value, you might think that anything more than £20 is over priced.