How much to charge for children's book illustration?

Question

I was recently asked to illustrate a children's book written by a family friend. It is the first publication that I will be doing, and I am not at all sure of pricing. I don't want it to be an outrageous price, as I am just getting started, but I don't know if I can ask for x amount of dollars up front and a percentage of royalties and merchandising, or how most of this stuff works. If anybody can help, please let me know. Thanks

Answer 1

http://members.aol.com/thedrawing/#Pricing

There's an article that might lead you in the right direction.