Have each student bring an empty shoebox. Tell them it is to create a miniature replica of their bedroom that they are gpoing to redecorate.
Have them measure the perimiter of each side of the box that would make up the walls and find the area of each "wall" then add to find the total area of all four "walls". This is to calculate how much wallpaper/paint to buy. Then have them measure the perimiter of the "ceiling". This is to calculate how much molding or wallpaper boarder to buy.
Provide carpet samples, wallpaper samples, paint chips, fabric samples, paint, and other supplies for them to use. You may even assign values to each of the supplies and have them work within a budget to "purchase" those they want.