There are a lot of factors involved in pricing. The term used is COST OF SALE, meaning what did it cost you to say produce that 8x10 (for example). Obviously overhead, cost of equipment, staff, personal time, phones, advertising etc all have to be taken into account along with the amount it cost to actually shoot and produce that print.
The PPA (Professional Photographers of America) has determined that it cost $51 to produce an 8x10. That figure is applicable in home or downtown studios.
But what your costs are is only part of the equation, because the low cost will place you right down there with the bottom feeders fighting for the price conscious shopper. There are people that don't want the lowest price car on the market. There are people that buy Lincolns, Mercedes, BMWs etc. There area people that wouldn't be caught dead in low price anything whether its clothes or cars or houses. Rolex sells 800,000 watches a year. They range from about $7000 to $100,000 depending on precious metals and if diamonds are involved. You can get more accurate time with a Seiko or Casio for less than $100. Why do you think people would spend that kind of money.
There is a cachet attached to being the highest price in your market. Firstly there is the perception of since its the most expensive it must be the best. Next there is less competition, and lastly many of the people there don't really care at all what it costs, they just want it.
So determining what to charge is not as simple as what are my costs.