You say PPC I assume you mean cost per click, but you missed a HUGE factor that you can control, and that is the adverts that are showing on your site!
Poor arbitrage ads will kill your earnings, so ban them outright and watch your revenue soar. By banning the arbitrage ads you will in fact be doing the very thing you say you can not do, controling the cost per click.
it TOTALLY is not about driving as much traffic as you can above all else. THAT is just working like a donkey.
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