My uncle is a gourmet chef, has been for 20+ years, studied all over the place... In terms of "good quality" vs. "profit"... This is where most restaurants fail, and quite frankly was the reason my uncle's last partnership in a restaurant failed...
Basically an investor said to him "Chris, I have a beautiful location, and I want good food, and I want you to run the restaurant." Of course the location was in a beautiful part of Napa, california, and the restaurant was extremely busy.
My uncle worked hard making an excellent menu, and had repeat business from folks up to 3-4 times a week. Then one day the investor came to my uncle and said "We can no longer afford our pastry chef, you will have to let him go." (the pastry chef in this case was #2 in the restaurant and really helped my uncle out.).
Well as it turns out, my uncle did a great job with the food part of it, but he was terrible at considering the business side of it. Even though the restaurant was booming, and had excellent food, they were still operating at a loss. The restaurant closed... no more good food.
I find that many people in this business focus too much on one side or the other. (e.g. too much focus on the profit margin (e.g. mediocre-poor quality food), to focusing too much on the cooking/menu part of it. (e.g. excellent food, but no money being made). My uncle was the latter.
In my opinion, to run a successful establishment, you MUST consider both the business and food side of it equally. You must understand the impact of raising the price of a dish as well as understand the impact of using lesser quality ingredients. There is a balance to maintain. If you want to serve top grade products from your kitchen, then be prepared to charge the appropriate price for those top grade products. There is no magic here, just numbers.