Abstract: Grid computing is becoming a popular way of providing high performance computing for many process intensive, scientific and business applications. Grid computing consists of large sets of diverse, geographically distributed resources that are collected into a virtual computer for high performance computation. Resource allocation in grid computing is the challenging task due the heterogeneity and dynamic nature of resources. Many of the researches have been done to develop a better resource allocation model. But in most of the work they follow either the time as decision parameter or the cost as decision parameter. A very few work had been focused for both the parameter also they are trying to improve the grid resource performance. In this study, researchers developed a mathematical model as an economic model with the aim to benefit the grid user. The Resource Allocation Model in grid computing consists of two components; resource selection and resource sequencing. Researchers used the fuzzy logic technique to perform the resource selection and resource sequencing. The performance of the mathematical model is evaluated with an extensive set of input values to demonstrate the practical use of the model. The result shows that the approach outperform other models by minimizing the time and cost of the application of the grid user.