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With the very greatest of respect, you are confusing cost and price.

Low cost is about the airline establishing a cost leadership position, such as Ryanair.

What it does on pricing fares is a different matter.

You may notice that Ryanair advertises itself as ‘the low fares airline’, not ‘the low cost airline.’

Revenues minus costs = profit 🙂

You are absolutely right in your comments about obtaining best value and that will often not come from the low cost airlines.