I don't understand making it EF-S rather than EF. They can make affordable, EF primes, both the 50 1.8 and 501.4 prove that.
Every focal length is different and 50mm in particular is a sweet spot where you can get great image quality with a relatively simple construction and a minimal amount of glass.
That's why a 50mm f/1.4 only costs a fraction of a 35mm f/1.4 for example.
An EF-S 35mm f/1.4 would be much more affordable than the EF-version because less glass is needed.
The effect is less dramatic on telephoto lenses (neuroanatomist has posted a detailed explanation of this in another thread IIRC).
The other thing you can always do to reduce costs is of course making the lens slower.