I rebound the entire Harry Potter series into artisan leather hardbacks, and somebody suggested that I share them with you guys here

to make a profit at about $12 an hour.

This is called cost-based pricing. You charge a bit more than it costs you to make - the lowest possible reasonable price. Pricing this way is almost always bad.

Pick your price by thinking of your customers. This post has 3500 upvotes right now. How many would buy a set of these books? How will the set fit into their life? I suspect that buyers are likely to display the set prominently and keep it for most of their life.

The beautiful books you make are not an inferior good. Ikea furniture is an inferior good. Your books have relatively inelastic price elasticity of demand.

On the supply side, you're an artisan. You make the books yourself and it requires substantial expertise and time. Your current plan isn't to sell thousands (or even dozens) of these per year. You want to sell a few, at least to start.

Imagine a high school auditorium where everyone who wants to buy your books for $25 stands up. Then you raise the price to $50 and half of them sit down. Then you raise the price to $200 most sit down. Inelastic demand means you have to raise the price very high for the last few people to sit down. This is a match made in heaven, because you can only make a few sets of books per year anyway.

Keep raising the price until there's only a couple people left standing! How would you spend the money if you were able to charge 5 times as much? Maybe you could build a real business out of this!

TL;DR these beautiful books will be in someone's home for a lifetime; you can only make a few sets per year; wealthy ppl like nice books too; charge lots of money, maybe 5-20x as much.

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