Your equations are true, but not complete. I have seen some reasonable cheap PSU, but I have also seen some truly nasty ones that look as if they have been thrown together. One in particular had a connector miss placed so it was shorted out, at which point the wires glowed and the insulation caught fire.
It was replaced with a not quite so cheap but fairly well known branded device (cost about £25 instead of £15) as luck would have it, the connector again shorted (later investigation showed that the receptacle was damaged) but this PSU just shut itself down without any drama.
You can pay a lot for some rubbish, but the chances of getting a poorly built expensive branded PSU are lower, because the company with the name on the badge has a reputation to protect.
So one manufacturer (as I said in an earlier post) may be producing several lines of branded PSUs, of variying quality because the commissioning company will have specified the electrical characteristics and the unit price. If the unit price is too low, something has to give, but if the spec is important the price will reflect that. A better unit will also have more comprehensive QA and QC checks, which add to the price.
It depends whether you want a PSU that is built up to a spec, or down to price.
But to complete your equations
High quality != cheap