I can't answer the amount, Jak8. My balms are done for medicinal purposes, and any aroma is serendipitous to that. So you'll have to experiment. And, keep in mind, that you want some medicinal properties as well. The whole point of a lip balm is to both prevent and treat chapping and drying. Flavor and aroma are happy extras.
From a business point of view, your equipment is either costed out in one year or amortized over time. More than likely, at this point, you're just talking about a good scale, measuring cups, non-reactive pots, and so forth. If you have as much as a hundred bucks invested I'd be surprised. So that's a straighforward tax write-off. If you buy an herb press you'll have to decide whether costing it or amortizing makes the best sense for you.
What you have to consider next are the costs of ingredients and production costs. Convert all your ingredients to cost/weight so you can compare them readily. So, how much per ounce does your wax, and evoo, and other ingredients cost? Then weigh out about ten ounces of the finished balm, divide by ten, and you have your ingredients cost per ounce. Add in the cost of the packaging (which, often, is more than the cost of ingredients). Add 10% to that to cover GSA (general, services, and administration).
Because you're working at home, overheads are difficult to figure. I mean, just how much gas, and lights, and so forth, do you use while making balm? And what percentage of your mortgage is absorbed? At this point in time the easiest approach is to just double the actual costs. So, if a container of balm costs $3 to produce, you sell it for $6. That will cover all direct and indirect costs and your profit as well.
There are other cost accounting methods, to be sure. But this is the simplest approach for establishing production and selling costs at this point.
Do not, repeat not, underestimate these figures. Products like this are almost price insensitive. Think not? Pay attention to that cosmetic commercial which compares the product to the $300 moisturizer. Yes, 300 bucks! If women, in particular, are convinced that a cosmetic product does the job for them they will pay whatever the asking price.
Keep in mind, too, you ultimate market. Right now you're thinking of direct selling to individuals, which is fine. But what if the local ski shop becomes a customer? You don't want to undercut your dealers. So, what you have in such circumstances is a six dollar wholesale price. Add 40-65% to that to establish a retail price.