Is it a necessary or fair trade if the per-student cost to GT is proportionally less, and the work is reasonably equivalent?

I really don't care how much it is to produce. I do care about the value I will derive from it. To me, 7k for a GT MS is a steal, especially if I don't have to move or disrupt my family's routine in any way.

It depends whether you think it is fair if someone sells a product for what people will pay for it instead of what it costs to produce plus a set margin.

Well of course fair is what people will pay for it. If it wasn't fair, people wouldn't pay for it. If you think "cost + some fixed preset margin" is fair, and they don't, then you won't pay for it.