Preenchendo o campo de entrada com base na seleção do menu suspenso com Javascript

<select>
    <option>Select an item</option>
    <option data-price="20.00" value="1">Item 1</option>
    <option data-price="15.00" value="2">Item 2</option>
    <option data-price="24.00" value="3">Item 3</option>
</select>

<input type="text" id="price">

​$('select').on('change', function() {
    $("select option:selected").each(function () {
        $('#price').val('$' + $(this).attr('data-price'));
    });    
});​​​​​​​​