Taking into account what a minimum wage, or a liveable wage, would be in this country on a per hour basis, and then adding up all the hours a project would take, someone intending to sell knitted items professionally would need to set prices significantly higher than people who propose such things would expect.

I saw a blog post or magazine article somewhere about ways to politely decline when someone asks to commission knitted items. It mentioned the time commitment and how knitting one thing means taking time away from other projects, so the writer mentioned emphasizing that her time is consumed with the projects she already has in mind for loved ones.