I would think about how long they took you to create. Think about how much you want to pay yourself per hour and try to find a happy medium. Now this is coming from someone that has never priced this b/c I've never made them. 
But I would start there if I were in your place.
I haven't sold my fondant figures, but when my friend (not a professional baker, just making for friends occasionally) makes fondant figures she charges the cost of materials x3, (minimum $5 a piece). I suppose the price should also vary according to complexity of the design -- the more tiny fiddly parts, the more expensive.
It is very hard to price figures. i think you should create a minimum price first. You need it because of the trouble of getting your things out preparing colors etc for 5$ is just not worth it.
I sell mine often but the price greatly depends on the figures and the way they have to be. sitting figures are much easier then standing etc. To make something that looks somebody is also very hard.
My figures start from approx 16$ ( we have a differnet money unit here)
but at the same time if they want more figures i make 4 for 40$ etc.
you have to figure it out by yourself and see how it works the best for you.
Good luck!
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