In what way "over-priced"? It would be overpriced if Apple were not able to sell enough to do viable business at the price. Do you have any evidence that this is the case? If so, perhaps you should offer to run Apple while Steve is on sick leave
I think you may be confusing cost with price. Any company that can only sell its products by adding a minimum profit margin to its cost of sale is in what is known as a "Commodity" market. Apple is not a commodity supplier.
You may also be comparing its price with what you, personally, would be prepared to pay for that specification. That's an entirely subjective assessment.
Another aspect is that the biggest market for the low-end MacBooks is education - maybe not here, but certainly in the US. Education purchasers do not pay the list price for Apple products. They get education and volume discounts. If Apple carved the public retail price to the bone then there would be no room for such discounting, or else Apple would make a loss on all those school sales.