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Due to the expected scale of the Grid computing Systems, we need to develop highly distributed and extensible resource allocation frameworks for such systems. Microeconomic principles such as auctioning and commodity market are two approaches that are being pursued by several researchers for the Grid resource allocation problem. In this paper we use a commodity market based approach to allocate resources, where resources are classified into different classes based on the hardware components, network connectivity, and operating system. In commodity market, the prices of the commodities ("resources') are fixed using individual supply and demand functions. In this paper we have developed an algorithm to determine the price of the resource. The simulation results show the performance of the pricing algorithm used in the commodity market.