I got a lot of experience selling my handmade jewelry at craft shows and craft fairs and I learned that pretty much the worst thing you can do is price your items too low. Not only do you cheat yourself, you make your goods look cheap. People really do believe that something priced low isn't as good as the same item priced higher. "There must be something wrong with it if it's this cheap."
I met a woman who had never sold her beaded earrings before and asked her why they were priced sooooo impossibly low. She said that she was charging the cost of the beads! You must pay yourself for your time! Also, figure in every single expense: if you're at a craft show or fair, you have to factor in the amount you pay for your selling space; materials costs (beads, lotions, baskets, etc.); display materials; signage; tools, etc. If you've driven any distance at all, factor in gas. And you must pay yourself for your time! You deserve it! And don't forget to build in A PROFIT.
Expenses + Time + Profit = Price
Add up all your expenses and divide that number by the number of items you're selling: that's your base price. Then add your time, which will vary for each item because some take ten minutes and some take an hour and a half. Add those and take a percentage of that figure for your profit, such as expenses $9, plus time $15, equals $24, then add whatever percentage for profit, so a ten percent profit on $24 is $2.40, and the final price for that item is $26.40. (I am not suggesting a ten percent profit, I just used it to make the example easier.)
Calculate the time rate on an hourly basis. What are you worth? $15 an hour? $20?
Perhaps the most important part of pricing your items is checking out the competition. Once you have some information about the going rates, adjust your prices up or down until you feel comfortable. Build in some wiggle room so that you can say "I can drop the price to.." if the price is making a buyer too hesitant, and you can offer "Two for $xxx" or "Three for $xxx" deals.
And be willing to change your prices as you get experience. You'll find out along the way if your prices are too low, too high, or just right.