This article presents a simplified mathematical approach to find the optimal solution for combined economic and emission dispatch (CEED) problem. In this article, a CEED problem is formulated as a multi-objective problem by considering both economy and emission simultaneously. The bi-objective CEED problem is converted into single objective function using price penalty factor. A dynamic programming (DP) technique is presented in a simple form to solve the CEED problem. The validity of the proposed approach is tested on two sample systems and the results are compared to those reported in the recent literature. The study results have shown that the approach developed is efficient and suitable for real time applications.