I'm trying to learn some basic arbitrage and I'm reading about tons of different strategies, but it looks as though option premiums are often less than $0.10.
Options are priced pretty close to the Black–Scholes model. The key factors are the current stock price, strike price, time to expiration, the risk-free rate of return, and most important, the stock volatility. I say the volatility is most important as all other variables are pretty static, the thing differentiating two $50 stocks is volatility.
Not knowing your actual goal, I'm not sure what else to offer. As James stated, the premium will rise for options that have longer til expiration.