Beans on toast in a cafe, how much is reasonable to pay?

Nail head - hit.

3 times is the rule but for something below £1 to make you likley want a 6 times multiplier.

Which would make, on a 6x multiplier, £2 the most reasonble, assuming the ingredients are 30p per serving.

£3.50 is a 12x multiplier, which is just insane.
 
The multiplier is irrelevant, menu items are priced to what people will pay and not what they cost. The aim is to achieve a decent margin across the menu, but the actual GP on each item will vary significantly.

If there was any truth in a multiplier a glass of post mix drink would cost about 70p and not £2.50 in most restaurants.
 
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