I'll take a stab at it. Think of the oval as three sections. A rectangle in the middle and two half circles of equal dimensions. Area of the rectangle equals Length times Width. Area of the two ends which equal one circle, is Pi (3.14) x radius squared. Radius will be equal to the distance from the of the outside edger of the rectangle to the outside edge of one half of the circle at either end of the rug.
Then again, you could just say $xxx for small, medium or large rugs. What's small, medium or large is pretty arbitrary. That's how I price rugs and I've never had a complaint.