Personally i go for a set price for a project, that way the client is safe in the knowledge that the price will not spiral out of control. Then i charge an hourly rate for any updates etc following the completion of the project. Always ensure you have a clear understanding of the exact specification of the project so the client doesnt keep adding or changing things.
As for the specific price per project or per hour this is essential up to you but should reflect the quality of your work - charging the cheapest isn't always better!
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