I-phone sales, are dramatically down this season. Huawei have changed the market place.Apple doesn't have a monopoly on smartphones, they sell smartphones for probably over 50% profit margin (probably more), yet people sweep them from store shelves anyway. So what's the true value of an iPhone? 150$, or 1000$ ?
I personally would never pay more than 200$ for a smartphone, but that doesnt matter, while people keep buying them at 1000$, they're worth 1000$. And it's not Apple's fault. Samey same for football t-shirts. I would never pay over 15$ for a football t-shirt, but while people keep pushing each other fighting to get that last shirt on the shelf for 65$, then they're worth 65$. There are other things that I'm willing to pay that will seem too much to other people as well, like over 2000$ for a gaming PC, or 500$ for a motorcycle exhaust can.
If you sell a product, and enough people would be willing to pay X for it, regardless of what it costed to produce, you would sell it for X, not X/10.
If people want prices to go down, then don't buy overpriced stuff they don't need anyway. If people are happy to pay high prices, then the price is right.