Cost of developing 1 hour of elearning

There are a lot of answers here from a lot of different viewpoints, and it's fun to see how this can be approached from so many different angles. 

The only thing I want to add, is that "It depends" is probably a good place to START with a client, until you can get a real initial meeting to be able to suss out needs and expectations. Pre-qualification of your client's needs and expectations will probably be the greatest determining factor to being able to answer the question of rates.  You have to find out not just what they need, but also what they are imagining in their head to get any kind of good idea of where pricing should be. this is why a qualifying  meetings should take longer but, will probably save you headache later on from expectations not being realistic. 

The only other point I would bring up, which I saw once on here but I felt needed reiteration is this: Pre-qualify their budget. Dont be afraid to ask what they are budgeting for a project. This line of questioning can be the best determining factor for you to be able to price according to their expectations. If you can find this information out early, then you can save yourself a lot of time even in the pre-qualification stage, and lead your client down the path that will get them to a realistic goal.