Making larger wafers drives prices up, because the process of making a monocrystal larger and larger, but I don't think that's a major cost factor except for super cheap chips. The minimum cost of a 200mm wafer is about $2/in^2 and the minimum cost for a 300mm wafer is about $3/in^2, in case that's helpful.
* Shrink the average node size 1-2 times (E.G. 180nm to 90 or 45nm)
* Combine popular combinations of products into a single package that can have interlinks cut by laser or skipped at the metal traces stage?
* Generally consolidate similar products within fewer variations?
The slightly greater cost of the physical wafer is supposed to be offset by the increased machine throughput and the die shrinks possible, as well as ideally fewer defects by using newer processes. An extremely inexpensive set of processes for 300mm wafers would also be a good target for long term bulk semiconductor production.
Masks are not a significant expense for most processes. Nor is the bare wafer. It is all the process steps that drive the cost.
300mm qafer