Basically, pricing is a simple formula...the cost of making your product plus your desired profit equals your retail price.  The cost of producing your product should include:

• Material Cost - directly related to production
  including raw materials, supplies, shipping, etc.
• Labor Cost - directly related to production
  including hourly wage, fringe benefits, etc.
  
• Overhead Cost - all other (indirect) costs
  including supplies, rent, utilities, etc.

Profit can be figured using one of these methods:

• Markup - a set percentage of material cost
• Studio Rate* - a predetermined hourly rate
• YECH* - You, Economy, Competition, Hunger

*Excerpted from The Crafter's Guide to Pricing Your Work
by Dan Ramsey
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MATERIALS+LABOR+OVERHEAD+PROFIT=WHOLESALE
WHOLESALE X 2=RETAIL*

*Excerpted from Handmade for Profit
by Barbara Brabec

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Odd Pricing* is the simple method of rounding up the price of a given item at $_.99 or $_.95, just like retail stores do. If, after calculating all the costs associated with production, then adding your desired profit, you end up with a total of $23.14, using Odd Pricing you would set the retail price at $23.99.

Another variation:*

Under $10: round up to nearest $.50;
Between $11-$50: up to nearest $1;
Between $51-$100: up to nearest $5;
Between $101-$250: up to nearest $10;
Over $250: nearest $50

*Excerpted from
The Crafter's Guide to Pricing Your Work
by Dan Ramsey
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