I will presume you will be hanging around in central Bratislava; beer prices are as follows...
Expect to pay 1.30 - 2.00 Euro for a beer in the centre. I'd say 1.50 is the average price. Slightly more in a restaurant. This is for half a litre of lager. Very touristy places (such as The Dubliner) charge MUCH more for a beer, but most places display the price on a blackboard outside so you will know.
If you head out into the suburbs, or nearby towns such as Trnava, then expect to pay a Euro for half a litre.
Food. Hmmm, it really depends on what you are looking for. On average, soup costs 2-3 Euro, a main course 6-8, and a side 1-2. Beef is expensive. I have been going to a Chinese though, where mains (big enough for 2) are 5-6 Euro.
Lunch is your best bet for food. Most places serve a set menu from 12-2ish. 3-4 Euro for soup and a main course (usually a choice of two or three dishes). Menus are usually in Slovak and are written on a board/posted on the wall, but everybody in the city centre will speak English and will translate.
You would be going back on yourself if you did that. In any case, getting from Krakow to points south by almost any form of transport is time-consuming as there is a hefty mountain range in the way (Tatras) - which are definitely worth a visit as mispi says above.
Have a look at this for train times http://cp.atlas.sk/vlakbus/spojenie/
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