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The objective of the economic dispatch problem of electrical power generation is to schedule the committed generating unit's output so as to meet the required load demand while satisfying the system equality and inequality constraints. This paper solves the combined economic emission dispatch problem by Min-Max and Max-Max price penalty factor approaches using Lagrange's method. The price penalty factor for the combined economic emission dispatch (CEED) is the ratio of fuel cost to emission value. The literature papers reported that most of them use Max-Max Price penalty factor for the CEED problem. This paper analyses Min-Max and Max-Max price penalty factors for CEED problem. This problem is solved for a five generator system by considering the valve point effect for both fuel cost and emission function. The total fuel cost by considering valve point effect of the combined economic emission dispatch problem is less when using Min-Max price penalty factor approach in comparison to Max-Max price penalty factor.