One more shot at this:
I have two local embroidery shops that will do the WHITE logo on black FlexFit caps for $9-$10 per cap, one charges a $25 setup fee the other does not, however they have a min. order of 24-25 caps.
Is this the going rate and min. quantity for wholesale t the trade?
A lot of variables are coming into play here as to cost. How structured they are (mild, moderate, heavy), are they true flex fit or are they OSFA structured etc. The individual pattern itself (how much thread/bobbin used, time on the machine etc)
While I do not have minimums, most do have minimums. Typically though the ones that I know, it starts with 12. Although the cheaper ones ironically require higher numbers.
Be careful of the cheaper ones that throw out setup charges for orders under 100 (unless they are making up for it somewhere else in their pricing, just not under the heading of "setup"). This is where the quality is of the person doing the work. More time and effort goes into these patterns then people realize and ironically, they are already cheap as it is.
That's a frustrating issue as most people don't like to pay for setup anymore and ironically I've gotten pictures from people that were upset about that practice and that they got it cheaply done without setup charges and it's bad work. Exposed underlay is typically the issue, because it wasn't sequenced correctly. More then likely auto converted. Especially with hats, hats and shirts require different needs within a pattern.
Long answer to your question, it isn't totally off, but there are some variables as to what you are actually getting and how the file is being done, size etc. that aren't known, so it would depend on those. For instance, my machines can go as high as will physically/safely fit on the hat, some can't do more then 60mm period (not including margins, so even less). On low profile hats, I can fit 63.5mm after worrying about margins. So it really does depend as that would be a factor in the cost as that help determine how long it's on the machine(s).