The Copyright Board shall determine the royalties payable to the owner of the copyright under sub-section (7) of section 31A, clause (i) of sub-section (4) of section 32 and clause (i) of sub-section (4) of section 32A after taking into consideration :
(a) the proposed retail price of a copy of such work;
(b) the prevailing standards of royalties in regard to such works; and
(c) such other matters as may be considered relevant by the Copyright Board.