We are hosting a tournament and I have no idea how much to charge for advertising space within the program. Can anyone tell me how much to charge?

When I was in school, I had to sell ad space… if it's for a smaller community event, something like this would be reasonable:

1/4 page: $25
1/2 page: $50
Full Page: $100

Also, consider full sponsors that could pay $200 or more for inside cover and back cover spots. Maybe an event sponsor for $500 that would get a full page plus be allowed to hang banners or have an advertisement announced by an announcer during the tournament.