Hi Rob.
THE ONLY THING WORSE THAN LOSING A GOOD JOB BECAUSE YOU ARE HIGH, IS GETTING IT BECAUSE YOU ARE LOW!
Forget you "$ 11" idea and do your scientific study with NO PRECONCEPTION of price or value.
Total labor is not just the production, but also the administration (purchasing, handling shipping etc.) and ALL time must be considered.
Your COST for dies and tooling includes you purchase time and design etc.
In almost all industries, plumbing, heating and cooling, electrical, legal offices accounting firms etc.etc.etc. if you pay $10 per hour charge $30. $20 per hour $60.
That is 1/3 for direct labor 1/3 for overhead, 1/3 for the house. You...Sometimes, if it ever happens, that's called a PROFIT.
That's a good start for your bid.