For about 1000 input tokens (and resulting 1000 output tokens), to my surprise, GPT-3.5 turbo was 100x cheaper than Llama 2.
Llama 7B wasn't up to the task fyi, producing very poor translations.
I believe that OpenAI priced GPT-3.5 aggressively cheap in order to make it a non-brainer to rely on them rather than relying on other vendors (even open source models).
I'm curious to see if others have gotten different results?
You'll never get actual economics out of switching to open models without running your own hardware. That's the whole point. There's orders of magnitude difference in price, where a single V100/3090 instance can run llama2-70b inference for ~0.50$/hr.
Core speed and memory bandwidth matter a lot. This is on a Ryzen 7950 with DDR5.