For my most expensive to make juice (36 mg), the nic costs $1.20 and the 25% flavoring cost $0.42 at the prices you quoted. Even at 18mg, the nic would still be more expensive than the flavorings.
I make 30ml batches @12mg/ml... 20% flavor
I use 60mg/ml base, which means each batch gets 6ml nic, 6ml flavor, and 18ml VG.
so for me, the flavor is twice as expensive as the nic.
ETA: price quotes-
4oz bulk flavoring from capella.. $19.95
http://capellaflavordrops.com/bulkrefills.aspx
500 ml of 60 mg nic from wizardlabs.. $39.29
http://wizardlabs.us/index.php?route=product/product&path=60_64&product_id=74
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