They're currently selling the 7 for $450. Getting FaceID and the edge/edge LCD screen in there for $50 won't happen. The yields for the FaceID parts must have gotten better as they're now in all of the new models, but I don't think the prices are that low yet, nor would I expect Apple to take that kind of margin hit to meet a price point.
Honestly, I don't think an Xr type phone at the size of the 7 is in the cards this year. At that price, it would definitely hurt sales of the Xs, even with the 2 generation old chips. Note that the Xs is about the same physical size as the 7.
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I'm very skeptical about any of the analysis coming out of CIRP. It's totally survey based and only applies to US sales.
Also, one of their latest reports was highly suspect. They claimed their analysis indicates that the iPhone 8+ outsold both the 8 and X by a wide margin in the US. Not saying that it's true, but once again, in the latest conference call, Tim indicated that the X was the highest selling iPhone model for the quarter. It doesn't directly refute the CIRP report, but it definitely casts a big shadow of doubt.