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2 functions, 2 levels deep

This formula uses 2 functions (IFERROR, VLOOKUP), nested 2 levels deep, and reads A2, Prices!$A$2:$C$50.

1. VLOOKUP(A2,Prices!$A$2:$C$50,3,FALSE)

   VLOOKUP finds a value in the first column of a table and returns a value from the same row.

   Expects: value, table, column number, match type (FALSE means exact)

   • Argument 1: cell A2
   • Argument 2: the range $A$2:$C$50 on sheet Prices (the $ keeps it fixed when copied)
   • Argument 3: the number 3
   • Argument 4: FALSE
2. IFERROR(VLOOKUP(A2,Prices!$A$2:$C$50,3,FALSE),"Not found")

   IFERROR returns a fallback when the first argument gives any error.

   Expects: value, fallback

   • Argument 1: the result of VLOOKUP
   • Argument 2: the text "Not found"

Read from the innermost function outward: Excel works out the inner results first.