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Microgrid (MG) is a prospective power system that addresses the renewable energy technologies (RET) accompanying necessary growing deployment of distributed energy resources (DER) and small-scale renewable energy sources (RES). This paper deals with the economic and reliability issues in a MG. A simulation model has been developed to optimize the operation of MG economically. The objective function and constraints related to the operation of MG are formulated and mathematical model is presented. A reliability study has also been performed using a scenario-based approach to determine reliability index of the system. The proposed formulation and model is validated with a case study followed by conclusions and remarks.