theluckyduckie
What are the simplest level 1/2 formulas?
And by that, I mean cheapest
There are far too many for anyone to be sure, and the prices will fluctuate depending on Marketplace prices, whether you play zOMG, etc. However, because of your post, I've been going down the list, and so far the cheapest one I've calculated was The Drill, which (at the time, based on store prices and the one cheapest iteration of any given component at that moment) would cost 100 gold for the formula, about 30,300 for the components (assuming you didn't have any of them at the start), and 1000 per attempt, which shouldn't be too many considering the chance of success is "very high." So, about 31400, based on very inexact calculations.
Please note also that I have gotten only as far as Deerskin Loincloth. There may well be a cheaper formula further down.