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The price of the game is mostly the license (paying for the development), not making the box.
With digital games, the publisher controls the price; there is no competition. With physical copies, they have to share some of the profit with the stores, i.e. if the publisher expects that the retail price will be $60 (and is selling it for that price on their online platform), they may have to sell it to stores for $40 (I don't know what the actual numbers are).
Stores compete with each other, so a large online store like Amazon (which has lower operating costs than others) may decide that they can still make a decent profit when reselling it for $50 instead of $60, so they sell it cheaper so people buy from them (giving them e.g. $6 of profit if their cost to sell it is $4, rather than $0 because the customer buys elsewhere).
Now, you may have noticed that the publisher could sell the digital edition for $40 and still make the same amount of money. So, why don't they do it? I think it's a combination of