$20 for a matched set of Doug Fir shafts, 2x 4.5" feathers cut out of one full length one for 30 cents per full length feather, makes 45 cents for 3 fletch, field point 30 cents, plastic nock 15 cents, 20 cents for finish, thread and glue.
Result: A good arrow for $2.80 a piece. Even lower with self-nock.
There is a reason why wood arrow shafting costs more than "hardware store dowels". Grain orientation, imperfections, spining and weighing costs labor and leads to more "waste wood" in the production process. This must be paid for. I have seen too many hardware store dowel arrows arrive at the target as two arrows. And those guys were damn lucky with their bowhand. With the cost of a hospital stay in the US, I would never consider hardware store dowels. But to each his own.