Permabanned
The sorts of increases you're talking about in order to raise that revenue above and beyond what they'd be getting if the game was 'full price only' are completely unrealistic and out of proportion though. For every 'lost' full price sale, the cheap CD key price would have to be luring in maybe 3 or 4 people who otherwise would never have bought the game for your numbers to make any sense. That's quite a number.
If the game was going to stay full price forever then yes, I would be inclined to agree with the point you're making. We all know that isn't the case and that Steam sales etc mean games do eventually (and sometimes fairly quickly) get cheap and gamers know that, so who are these masses of people who only buy games when they're both new and cheap but otherwise wouldn't buy anything?
I only buy games when they are cheap, However if I am looking forward to a game I will buy a key code if it cheap enough.
Examples, I wanted Witcher 3 but I wanted it on Steam and you could not get a Steam key cheap so I did not get it until it was roughly 30 quid on Steam. Just cause 3 & MGSV are examples of games I won't buy until they are cheap and in that I mean cheaper than code sites provide meaning I may not buy them for a year or more because they don't really interest me enough.
ROTTR, I got that for around 25 quid from a key site, If that had not possible I would not own it, Take into consideration that the Steam store did a pre-order price and then on the day it released they reduced the price and justified doing so with the excuse that they gave a free copy of TR2013 (which 99% of pre-orderers would already own or could have bought in the last Steam sale for less than half of the pre-order to release day cost difference) and a couple of skins with no real value (one of which was in the release day bundle anyway) and I have to say I feel quite justified in buying the game from a key code site. It is not an illegal transaction and they would not of been able to do it if Square Enix was not willing to sell codes in bulk in advance.
I do'nt think I'm taking advantage of anything, I have a price I'm willing to pay for games and I get the game when it's available for that price if I want the game. Witcher 3 and Project cars are example of games I bought once available at my price limit and have not got around to playing so if I'd of waited I could now get them even cheaper but I bought them anyway, Others include Unity & Watchdogs. If I want a game I get it once it's in my price range regardless of if I'll play it now or in a years time which I think overall balances things out, At least in my mind.