I just made 2 of these for samples 1 was strawberry filled with buttercream and 1 was strawberry filled with whipped frosting. I wasn't sure either. When I delivered them I was thinking about $4-$5 a piece because the are so hard to make. I gave them to the lady and still wasn't sure so I gave them to her but she insisted on paying me. I walked away and left it up to her and she gave me $25. I was in shock! I felt bad because she wouldn't take any money back so I made her a big box of cake balls to even it out.
I'm not sure if that helps you decide but it's all I can offer for help. Good Luck
Just because it's smaller, doesn't mean it's cheaper. Just because it's bigger (i.e. volume) doesn't mean it's cheaper. Here's why.....
I see a lot of misconception on here that if the customer orders "alot", then they automatically get a "volume" discount. No, no, no, no, no. A volume discount is offered when the quantity ordered allows YOU to be able to buy in bulk and higher volume at lower pricing. You are then able to pass these savings onto the customer. I've seen questions on here about giving "volume" discount if someone orders 5 or 6 dozen. Goodness gracious, I've trashed 5 dozen cookies in a week due to overbakes or quality issues! I define volume as 25 or 50 or 100 DOZEN! I'm able to buy flour in 50lb bags instead of 5 lb bags, etc.
Customers think that a 4" cake should be half the price of the 8" cake. no, no, no, no, no. Same baking time, same cardboard price, same cake box price, almost the same icing, same electricity, same number of paper towels, wax paper sheets, disposable icing bags, same amount of time to clean up, etc etc etc. You have to meet your overhead costs.
There are fixed costs associated with everything. I explain it to brides with examples like, "A table cloth costs me $22 to rent, no matter if I have food for 25 on it or food for 100 on it. A chafer pan of meatballs requires 2 chafer fuel cans, no matter if there are 100 meatballs in the pan or 400 meatballs in the pan. I have to pay my staff the same hourly rate to set up and tear down, no matter if you have 25 guests or 50 guests (I still have a salad bowl with 3 dressings, I still have 3 chafer pans with fuels, I still have a basket of rolls ... and all of that has to be set up.). It doesn't take me half the time to set up the same equipment just because it's got half the food in it.
I would figure a 4" cake would serve at least 4 people (maybe more, but I'm trying to be simple here). My wedding cake price is $2.50/slice = $10 a cake ...... MINIMUM! If I was going to be real, I'd estimate it at 8 wedding cake slices, which would make it a $20 cake.
Just my ever so never humble opinion! 
indydebi you are sooo right! Is there really any difference for me in a 6 or 8 inch cake? Realistically they are pretty much the same...
In my opinion though there is a big diff between a 3-4in and a 6 in cake... the difference being they are HARDER so I almost would charge MORE for a 3 in cake than a 6 in cake. It is difficult to get that sucker to sit still for frosting, not enough friction!
I did 12 baby block cakes (3 in cubed) and I initially charged $24, but decided after all the labor I put in (7 hours) that I would charge $75 next time!!!!
Don't undersell yourself.
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