How much time do you pretend to spend working on this? Take that into account when pricing.
I'm not sure how much time I'll be spending on it. That's why I figured, being that I'm a student, I could give him a flat price to pay and I'll just work until the project is done.
Also, what are some of the normal pricing for this kind of stuff?
This is really hard to answer.
For example, professional artists earn around ~70k-75k per year (salary report), that is ~300 $ working day. Freelancers will demand more (they need to cover more costs). But if you want to demand this sums you really should be as good as them (art like gears of war, darksiders etc.).
It really depends on your skills and what the customer want to pay. $50 might be nothing or too much. Who is your customer ? A small hobby project has most likely not much to spend, whereas a studio will pay much more, but will demand an accordingly higher quality.
If you are a rookie, try to figure out what payment would be enough to make your work worth for yourself. Then try to negotiate with your customer. Best to ofter a portfolio, so that the customer is able to estimate the expected quality.
I appreciate the advice.
I haven't done commission and am still debating my first pricing stuff, but to me $50 seems low. I would guestimate the hours you'll spend and multiply that by some hourly wage ($7.25 is Federal minimum wage in the US, so something above that) to get in the ballpark.
I think that's the best advice I've gotten. I'm going to vote you up.