How is the initial price between assets set on a new Liquidity Pool on TribalDex?

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Thinking of creating a Liquidity Pool on TribalDex but there is one unknown that people asked about. That refers on how the initial price is set between the assets added in the Liquidity Pool and how it goes from there. If you know some mechanics to that would be great to be shared with other community members interested about the subject. So let's try to answer this question.

How is the initial price between assets set on a new Liquidity Pool on TribalDex?

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I understand the importance of liquidity. Are you talking of starting from scratch with a new token, or will it be a liquidity pool for a token that already exists if that is possible?

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