As skeptical as I am about Elon's predictions (VERY!), I can see a plausible way BFR could be cheaper per launch than F9. If the cost per launch were cheaper, it would make sense to launch a single 500 kg satellite on BFR rather than F9 and leave the rest of the "hold" empty.
AFAIK, the costs are more or less:
- Launch prep/integration
- Range
- Fuel
- Recovery
- Refurb
- Replace expendable parts
- Amortization
It doesn't seem implausible that 1 through 4 would be the same or marginally higher, 5 would be marginally less, and 6 would be close to zero. If they use Boca Chica, 2 might be significantly less too. Amortization (7) is the wild card. I'd think building a BFR would be significantly more expensive than an F9, but if it could fly many more times, this could be a wash as well. Who knows though, if you can have water tank companies build your rockets, it might be pretty cheap.
The real wild card though, IMHO, is: how elastic is the market for heavy launches? Currently, pre-F9H, heavy launches are very expensive with few non-government takers. However, if the cost comes down significantly, even though it's a single source, I'm unconvinced people won't take advantage of it. If they do, the market might expand significantly. If New Glenn does what's claimed, perhaps BFR wouldn't be single source either.