Do you if its part is New,Re-manufactured/Rebuilt? Sometimes its hard to believe but one gets what one pays for... So i recommend you compare Warranty (Parts/Labor),Brand because a Master Cylinder play a very important roll within the brake system of any vehicle. Good luck.
The repair shop has got to mark up parts prices, that is how they make money! You can buy a used master cyl. for that price, 40. to 45. but not a new high quility one, i,ve checked! Also labor rates are high, i agree, but the mechanic's dont work for nothing either, in fact not enough! The shop has other expenses too like: the FACILITY, garage liability insurance, 'high dollar' tool's and equipment, utility cost, shop supplies, HASMAT disposal etc. A top quality, complete mast. cyl. for that vehicle is going to cost around 130.00 (plus). You can skimp on some parts but not brakes! The shop is doing you a favor by having a real mechanic install top drawer 'BRAKE' parts since nothing will take their place when you need to STOP!!!
The Flintstones is just a cartoon!