It is really hard to speculate what something costs when all you have is the final product. Owning a business myself I know how the little things ramp up the cost of the final product.
Take a pizza for example. The price for the ingredients is only about half of the price. The other half is employee wages, rent, equipment maintenance, electricity, water, cleaning supplies, taxes, unemployment, wokrmen's comp. and a few other things I can't remember off of the top of my head.
These things are not ussually thought of outside the business world which is why people in general think they are getting gouged.
This doesn't mean people don't inflate prices or try to take advantage of others, but the prices for games, then and now, seem fair in comparison to the work that goes into them.