Your friend being a non-quilter probably has no clue as to the time and money involved in making a quilt. Once you determine what your price will be (plus letting her choose & pay for materials) you can go from there. If she isn't interested in paying that much maybe she would want to learn how to make her own quilt for her Mom? - and you'd bring another quilter into the world :)
I made a quilt for a friend for her Mom and did it because she was a friend. She selected for and paid for the fabric which wasn't too much because the top was made from her Dad's shirts.