Hotels: A comfortable and well-located hotel in Rome, like the Hotel Nord, will cost about €160 ($220) per night. In Italy, most hotels include breakfast, which should save you about €10 a day. So, the cost per person, per night in Italy will run €560 or $775.
Local Transportation: Count on it costing about €15 ($21) each way back and forth to the airport. A train from Rome to Florence is €45 ($62). You can get all your local transportation and some museum admissions paid for in Rome using the Roma Card for €30 ($41). In Florence, the same applies with the Firenze Card at €50 ($70). There will be times where you will take a taxi and let’s clock that in at €15 ($20) apiece for the entire trip.
Museum Admissions: As mentioned the Roma Pass takes care of admission to 2 museums in Rome. Let’s say you choose to visit the Colosseum/Forum and the Capotoline Museum on the Roma Pass. You will also want to visit 2-4 other places and the average admission will be €12 ($17) for each one bringing you up to €48 ($66) per person. In Florence, the aforementioned Firenze card takes care of most museums but there will be 3-4 places not available on the card you will want to go to. Let’s call that another €48 ($66) per person, making your additional museum admissions (not including the Roma Pass or Firenze Card) at €96 or $132.
Meals: Like I said, most hotels include breakfast. A good sit-down lunch can be had for about €12 ($17) which tallies up to €84 or $119 for the week. Dinners are not expensive in Italy and I often eat very well for €25 ($35) making dinners €175 ($245). So, meals in Italy should run about €259 or $364. I am NOT including snacks like delicious gelato or slices of wonderful pizza!
Side Trips: A side trip to Siena, with transportation and admission to most museums will run €35 ($48). A side trip to Pisa is going to be less at about €20 ($28).
Guide Services: I strongly suggest getting a guide in Rome for a day and in Florence for a day. Expect to pay €250 ($345) for both days.
So, you are looking at €1345 per person or $1860 per person for a week in Italy spending time in Rome and Florence.
Look on http://www.travelingprofessor.com for more information on Italy tours and costs.