There are only two arts pricing questions:
1. How much can I charge?
2. How much should I charge?
The first question is where the economic factors come in, i.e. costs, desires for profit, the way that price shapes perception, etc.
The second question is really about your values. It's about what you believe. It's about who you want in your audience, or coming into your venue.
The second question is far more important then the first because I can (and a lot of other people can) make a decent economic and psychological argument for any price.
I could make a case for a nonprofit theatre charging an average of $50 a ticket ("Theatre has value." "Theatre is expensive to produce.")
I could also make a case for $15 a ticket ("Theatre should be accessible.")
Inside of arts organizations, or inside the minds of individual artists, any price can be economically justified.
The real question is what you should you be charging? What price feels right given the numerous things you want to accomplish? This is a much tougher question because there is no automatic right answer. You can't just feed your prices into a formula and come out with the perfect answer.
You have to decide, actively decide, who is going to be included and excluded from your art on the basis of price. Then you have to live with the choices you make.
Charging a lot of money for art creates one set of challenges, charging very little creates a different set of challenges.
One set isn't really better then the other. It's just a choice. Make the one you can live with.