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Can someone please recommend a book or a chapter from a book which provides a good and clear explanation of price theory. How prices are determined what they reflect and how they serve as allocaters of resources.

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The Applied Theory of Price

by Donald N. McCloskey

McCloskey published the book (pdf) for free now.

The Chicago school's other economists also published their books on price theory (see Milton Friedman's and George Stigler's).

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  • $\begingroup$ thank you i will have a look. what level is this. i am looking for undergraduate level $\endgroup$ – Rain Mar 13 '15 at 17:37
  • $\begingroup$ Just to add that this book is exceptionally good. $\endgroup$ – Ubiquitous Mar 14 '15 at 17:26
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Any decent basic introductionary economics textbook will answer that for you. Principles of economics by Mankiw gives some nice intuition. if you a looking for a little more advanced stuff, try Intermediate microeconomics by Varian.

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    $\begingroup$ i tried mankiw's book. I did not find it to be the best on this topic $\endgroup$ – Rain Mar 13 '15 at 17:36
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I really like David Friedman's Price Theory for this material. I feel it really marries the intuition to the math. If you prefer a dead-tree version, you can usually find a used one for a few bucks online.

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