I'm a professional chef with an independent restaurant, so I'm just going to lay it all out and show you guys how the sausage is made.
First of all there are different grades of beef: Prime, Choice, Select, and Ungraded. Prime is the best and less than ten percent of beef is graded prime. Choice is good; the fat is marbled throughout, the cow was healthy, butchered right way, etc. If you pay to get your beef USDA graded and you ended up with Select, you just wasted your money. Ungraded beef is most of the time just as good or better than Select. I buy Choice, sometimes for special occasions I'll get Prime (New Years, St. Valentine's Day, etc.) and actually have Prime Rib. If someone is trying to sell you "Prime Rib" for $17, I guarantee it's an ungraded hunk of meat that got boiled off in Au Jus that started as a packet of powder. No Buys.
Number two, I have so many extra costs to operate a small business. For starters, it costs me $700 just to be open for the day. I have insurance out my rectal orifice. Unemployment insurance, fire insurance, flood insurance, are the big three. I have to make payments to ASCAP and BMI. I am absolutely taxed on everything, and the payroll tax on overtime is insane. It takes three air conditioners to cool the front of the house, and when the place is packed, it's still 80F (25C) in there. Twice a month, I have some sort of repair bill. Thermostat on a freezer, coffee machine, ice machine at the bar... it never stops. So all of this goes into the figuring out the menu pricing. In general, you want the food cost to run under 30%, and the cheaper the item, the profit margins need to be better. Sandwiches need to run closer to 15%-20%, and main entrees 28%-30%.
If I buy a choice ribeye for $10/lb., it's not actually $10/lb. After the steaks get trimmed and cut, it's actually closer to $13/lb. Hence, to get a 28% food cost out of a 12 oz. ribeye at $13 a pound, it's going to be $35 retail. But, it's quality meat, and it's grilled the right way. I make sure to teach my boys how to cook a steak. We slightly undercook things, because they're going to keep cooking a little bit off of the grill. Chain places have franchise-wide guidelines on how things are cooked. I've heard stories about line cooks throwing a steak on the grill at a Colton's Steakhouse and then hitting the "Medium" button. They don't teach them how to cook, they just to teach them how to follow directions. Then, that steak continues to cook for 2-3 minutes off of the grill, and then continues to slowly cook under that heat lamp while it waits to go out to the table.
So anywho, that's why restaurant food is expensive, and that's just so I can hopefully break even month-to-month.