Price Testing and Price Recommendation - looking for method and apps

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Hi fellow e-tailers, 

I am very new to the community and to the market, but wondering how do you make decide the price of a product. I have been told to do COGS x 2-3 to begin. Is that something everyone else is doing?

Also, is there an app to refine prices after this initial price testing?

Appreciate your input. have a lovely day.