Were elemental weapons fixed?

If the penalty was there, then F/P wands would definitely not be the 2bil the wands are right now just because they would only be effective for F/Ps.

It's a common misconception that "You get what you pay for". However, it's not always the case. Here, you pay a lot to get a little. The price doesn't always justify the reward, and assuming it does is a road to disaster.

"It's expensive so it must have the benefit" --> Leads to bad/faulty assumptions.