The profit margin on the iPhone is 35%. The App Store currently runs at a large profit (estimated to be 70%) primarily from in app purchases in the gaming category.

Your purchasing habits are not indicative of the mainstream; further, the iPhone isn't priced based on cost to the cost to design or manufacture.

But then you wouldn't be paying for an AppStore, you would be paying the real cost of the hardware.

This is also entirely hypothetical because Apple has really good margins on their phone sales.