The catch is that you don't get the printer for $50 bucks. You pay the actual price for the printer, since it isn't subsidized by ink sales.
A razor without the blade is just a handle. All the engineering is in the blades. Of course the handle is cheap and the blades are expensive.
This is evidenced by the fact that safety razors sell in 100-packs for $15 on Amazon ($0.15 each) while a 15-pack of Mach 3 cartridges (the simplest/oldest variety AFAIK) sells on Amazon for $22 ($1.45 each). Unless you're suggesting that the "engineering" it took for them to sell you 1.5 safety razors in a piece of plastic is worth 10X the price of the blades alone, I'd posit that's where the margin is.