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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, 2015 at 17:37
  • $\begingroup$ Just to add that this book is exceptionally good. $\endgroup$
    – Ubiquitous
    Mar 14, 2015 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, 2015 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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Chicago Price Theory by Milton, Mulligan & Murphy is interesting take on the price theory.

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"Principles of Economics" by N. Gregory Mankiw, is suitable for undergraduate-level economics courses and provides a clear and accessible introduction to economic principles, including price theory.

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