@mukchayan,
If you know what all of your fixed costs are including overhead, you should be able to determine minimum and maximum sales price to find out the demand for the product at any given price.
Most cost of goods sold hovers around 50%.
If you understand standard cost, you'll be able to determine where to price the product. As a consultant, I have established standard cost systems for several retail businesses. It makes it easy to determine gross profit and to take inventory.