From my calculations, with factory ordered, pre-made ML components, it's around the same price as good .223 or moderate steel-cased 7.62x39 ammo. It's around $0.26 a round + whatever powder costs. I don't know the volumetric conversion for pyrodex, as the power is the same as black powder by volume, but Pyrodex isn't as dense, so it's not a true 80 (or whatever) grains by weight. Now, neither of those are considered expensive. Given that and the fact that there are no "large capacity ammunition feeding devices" for muzzle loaders, it sure slows down the rate of fire. Heck, after all the work to load it, you want to make sure that shot counts!
Keep in mind, I'm talking round balls and patches. If you're slinging sabots with pellets, you're on your own.
One thing that's good is that ML components aren't in as short supply as everything else has been. Midway's out of caps, but those are better to buy locally, as is powder, to save on shipping costs.
I'm thinking carbon arrows would be a good investment for my recurve this year. I may be shooting at more than 3-d targets, and the carbons can take a beating a bit better, from what I hear.
And hey, Kraigwy, dead is dead...even if it's from humor-induced asphyxiation!