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Wikipedia article about the 555 timer IC
1k Ohm ($0.02 - $0.09) 2.2k Ohm ($0.02 - $0.09) 3.3k Ohm ($0.02 - $0.09) 4.7k Ohm ($0.02 - $0.09) 10k Ohm (3 x $0.02 - $0.09)
10nF [103] ($0.02 - $0.10) 100uF ($0.05 - $0.15) 1000uF ($0.18 - $0.33)
555 timer IC ($0.13 - $0.25)
Red LED (2 x $0.03 - $0.14)
Total cost for one: $2.18
Cost per unit for 50 bulk: $0.58