Sounds like another step in the race to the bottom. Why would you even consider dropping below such a ridiculously low price? When someone inquires about a a cut-rate price for work, I politely direct them to the nearest Target. My philosophy is: if you're not any good--you have no business accepting work. If you're any good--charge a price that compensates you for your skill.
Yeah, I realize it's low. However, there are a lot of bottom feeders here. (Not that I'm trying to appeal to them.) I plan on raising my price after a few sessions so I can build up my "film portfolio."