Though this excuse is often offered when discussing first class tickets, I find this an uncompelling argument. Being wealthy is not the same as being foolish with money.

If I were to pay $10K for a ticket, which represents a considerable premium over even a full-fare economy ticket, I would expect certain amenities to justify that cost. Since a full-fare Y ticket at $2500 offers exactly the same flexibility and refundability as a full-fare F ticket, you're essentially paying $7500 for the premium product -- in this case, comprising of better seating, lounge access, and concierge service. It seems a bit petty to ask for more $$$ for the lounge service when the differential is so large.

Here's another analogy that more of us can probably relate to. When you're down at the local food court in a shopping mall, and ask for a glass of tap water with your $4 meal, and get charged $0.25 for the ice water, you probably don't complain. You realise that profit margins on a $4 meal are pretty slim, and that the $0.25 to cover the cost of the cup is not unreasonable.

Suppose, instead, that you've gone out to an upscale French restaurant and are paying upwards of $150 per head for your food. That same $0.25 charge for ice water would probably not seem reasonable -- since the profit margin on the meal was so much higher.

Can someone paying $150 for a meal afford the extra $0.25 for water? Of course they can. But will they find the extra charge petty, considering how much they've already spent? You'd bet they will.