There are many formulas out there....here is one that works for me. Never be afraid to charge what you are worth. I have seen a higher prices item sell before the same one at a lower price......

HERE ARE SOME FORMULAS THAT HAVE WORKED IN THE PAST FOR FINDING A FAIR MARKET PRICE IN MY CRAFT ECONOMY.
Cost of Supplies + $10 per Hour Time Spent = Price A.
Cost of Supplies x 3 = Price B.
Price A + Price B divided by 2 (to get the average between these two prices) = Price C.
Compare Price C to your Market Research and adjust accordingly.
For example, it takes me 2 hours to spin $20 worth of fiber into yarn. $20 Fiber + $20 Time = $40 (Price A). $20 Fiber x 3 = $60 (Price B). $40 + $60 = $100. Divided by 2 = $50 (Price C)

$50 should be in the range of the fair market price for my item. If $50 is too high, I’m either spending too much on supplies or I may work slower than other crafters. If $50 is too low, I may work faster than other crafters, or I got a great deal on my supplies and should raise my price a bit to have a fair market price and support the other artisans in my field.