Cloth Armor (300 gold +15 Armor) is the item from which the armor gold value is derived, and as such, it derives a value of Gold 20 per point of armor.
Null-Magic Mantle (450 gold +25 magic resist) is the item from which the magic resistance gold value is derived, and as such, it derives a value of Gold 18 per point of magic resistance.
Mantle gives 10 more points and thats pretty much it. Aside from all the "magic damage hits way differently than attack damage" crap, they are actually pretty close(within 2 gold per point) in giving you what you pay for.
If youre asking why there isnt a 300 gold mantle that gives the same amount of mr as cloth armor, its due to the interaction between abilities and auto attacks which is a ton to explain lol.