Typically, localization algorithms focus on maximizing estimation accuracy, often while neglecting some of the real-world costs of achieving such performance. In this letter, we formulate optimal scheduling problems of multirobot localization to investigate the tradeoff between estimate accuracy and its corresponding cost. We derive the continuous-time approximation to explicitly represent the rates of distinct operations in a multirobot localization scheme, which we then use to define the optimization problems for scheduling those operations. For a given accuracy requirement, we can solve the cost minimization problem to find the lowest cost schedule satisfying the prescribed error expectation; similarly, for a given cost budget, we can solve the trace minimization problem to find a schedule for the best achievable error performance. While the interplay between the localization error and the operation parameters is described by a Riccati equation, the Frechet derivative is applied to shed the light on their implicit relationship. In a localization example grounded in a realistic setting, we show that by solving these optimal scheduling problems, power consumption can be reduced by $64\%$ through cost minimization, or the bounding covariance trace can be reduced by $15\%$ through trace minimization.