Pricing mercenaries

Are there any guidelines for determining the monthly cost of new types of mercenaries? Elite pikemen aren’t that difficult (basically heavy infantry), although I feel like they should maybe be a little more expensive if they get a morale boost. But then there are things like elven kingdoms fielding units of spellswords… Just going off their equipment I could see classifying them as one of the standard troop types, but it seems like they should be significantly more expensive due to their additional abilities.

Or, at the lower end (just in case the official answer is “mercenaries are 0-level, so they can’t be spellswords”), how about troops in leather carrying two-handed axes?

And, just to be clear, my question isn’t really “what is the cost of these specific troop types”, but rather “once I’ve defined a troop type, how do I work the cost out for myself?”

Domains at War has the rules for this.

They are extensive and complicated, though a simplified formula is provided in Campaigns.

Summarizing, you are correct that a unit of elven spellswords would be significantly more expensive than a unit of heavy infantry.