I need a default value set and many different pages access and update..initially can I set the default value in the class constructor like this? What is the proper way to do this in C# .NET?
public class ProfitVals
{
    private static double _hiprofit;
    public static Double HiProfit
    {
        get { return _hiprofit; }
        set { _hiprofit = value; }
    }
    // assign default value
    HiProfit = 0.09;
}
                You can put it in the declaration: private static double _hiprofit = 0.09;
Or if it's a more complicated initialization you can do it in the static constructor:
   private static double _hiprofit; 
   static ProfitVals() 
   {
      _hiprofit = 0.09;
   }
The former is preferred as the latter pays a performance penalty: http://blogs.msdn.com/b/brada/archive/2004/04/17/115300.aspx
No, you would have to surround the assignment to the property with an actual static constructor like so:
class ProfitVals
{
    public static double HiProfit { ... }
    static ProfitVals()  // static ctor
    {
       HiProfit = 0.09;
    }
}
Note: a static constructor can not be declared private/public and cannot have parameters.
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