You're right. But here I'm more concerned about the job of the registry (TLD owner). Is there any way to justify $7.85 registry fee? I wanted to know that where they need this money?
$185,000 application fee (+50k if a technical review is required)
$6,250 fee per quarter
$0.25 per transaction (registration, renewal, or transfer)
More fees I'm forgetting
You also must run/maintain a bunch of other programs/services like: (this is the bulk of the cost of running a registry) shared registration system (SRS) that implements EPP (used by registrars to register/update domains), whois service, abuse prevention/mitigation, rights protection, dns services, zone file distribution, data escrow, DNSSEC, etc...
Does Verisign make money? Yes. Do they have a right to make a profit? Yes. How much? Not up to the public to decide this it's up to their customers. Their customers are registrars, not the public. Their contract, fairly negotiated is with ICANN (and their registrars).
What's interesting is that you don't hear much about the price from large portfolio owners but from people who seem to think that nobody has a right to make a profit and all costs need to be driven out of any existing system which most certainly needs to be disrupted.