What do

you actually pay for when you engage a photographer for a particular service - wedding, event, commercial etcetera?

The Business of Cost
One cannot run away from costing - in any kind of business. If one understand the basic concept of business, cost is one of the most important factor in making sure the business is a success or otherwise. Managing the cost effectively will make sure that a business can grow and target can be achieved.

Cost that can run in photography can be summarized as follows:

a. Equipment Cost and Depreciation
True. Part of photography is all about equipment (apart from a good eye). The more high-end a particular equipment is, the more high-quality the result should be. And of course, any particular electronic gadgetry depreciates in its value and its quality over time. Service activities to the equipment is included in the cost in making sure that we can if not reduce, slow down the depreciation.