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Whether the components are actually consumed for this spell seems unclear--would casting it actually use up and totally consume an entire 50 gp/ 8 lb item of alchemist's supplies? Or can the caster simply use a component pouch or spellcasting focus as usual?

The cost is equivalent to a Common magic item such as a basic Potion of Healing (50 gp), but the fact the Elixir vanishes after 24 hours would seem to indicate it isn't meant to be a replacement for the real thing, and thus may not have the same cost.

Spell as written:

Healing Elixir
1st-level conjuration
Casting Time: 1 minute
Range: Self
Components: V, S, M (alchemist’s supplies)
Duration: 24 hours

You create a healing elixir in a simple vial that appears in your hand. The elixir retains its potency for the duration or until it’s consumed, at which point the vial vanishes.

As an action, a creature can drink the elixir or administer it to another creature. The drinker regains 2d4 + 2 hit points.

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The supplies are not consumed

Components are only consumed when it expressly says so:

Material (M)

If a spell states that a material component is consumed by the spell, the caster must provide this component for each casting of the spell. (PHB p.203)

In the case of Healing Elixir, the material component does not come with a cost and does not say it is consumed, unlike, say, Arcane Lock's Material component :

Arcane Lock

Components: V, S, M (gold dust worth at least 25 gp, which the spell consumes)


So, where is the cost for the Elixir?

It's covered under Lifestyle Expenses, computed per day. PHB 157 has the relevant information:

Lifestyle Expenses

[Lifestyle] expenses cover the cost of maintaining your equipment so you can be ready when adventure next calls.

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No, because there's no listed cost.

PHB 151:

Component Pouch. A component pouch is a small, watertight leather belt pouch that has compartments to hold all the material components and other special items you need to cast your spells, except for those components that have a specific cost (as indicated in a spell's description).

Because no specific cost is listed in the spell description, it is not consumed, and you can simply use your material components pouch.

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