It always depends on the quality of the stuff.
I bought my bow used (actually the pic above was made by the seller) complete with a case for about 500.
You can get a bow for under $100, but you can also easily spend more than $1500 just for the bow. For arrows, you can go from under $4 to over $40 per arrow. Usually, you'll buy 12 arrows as a bundle. They are customized for each archer (everybody has a different draw weight / draw length ands needs therefore arrows of different stiffness and length, no matter what quality).
Last week, I bought 12 Easton A/C Navigator
and paid about 250 ...
When you start archery, you should never buy a bow immediately! Archery shops typically offer a rental program, because of the typicall learning curve:
While learning archery, you'll use some muscles which are otherwise seldomly used. So you start with a low draw weight (i.e. below 30 lbs). After some training, you'll switch to a stronger bo (and so on). Therefore it is not cost effictive to buy each time a new bow (or at least new bow limbs).
Eventually, you'll reach a drawing weight you feel comfortable with. (I.e. you can reach the longer distance targets and you are still able to shoot a full tournament without collapsing). Ragingloogie wrote on his homepage that his Recurve has a draw weight of 45 lbs. That's too much for me. I shoot with 34 lbs.