Depends on the number sold. If eBooks sold as much as paper books, they could be very cheap. But IIRC most eBooks sell under 1,000 copies and even without printing costs (a few dollars a book) and sales and distribution costs (around 70% of cover price IIRC), the costs of editing, design, and so forth are a fairly hefty percentage of the price.

There's a second problem, however: customary contracts make author royalties a percentage of the selling price. So unless lower prices increase the numbers of sales hugely, authors get a very poor deal until new contracts are worked out.

Any resemblance to the music industry is surely coincidence. Right.