Hello @Sumit Gaur,
there are two payment models for Azure Functions.
You can either go for Consumption plan where Microsoft manages the hosting and you only pay for the actual number of executions. This is perfect for functions that are not being continuously executed.
You can also host your Azure Functions in a dedicated web app. Here, you control the size of your web app used for hosting the apps. This is perfect if you want to control the response times of your functions.
Because you have to pay for the compute of your web app, you need to figure out how to configure it in the cheapest way (like always-on or not, size, number of instances, auto scale-up-and-down).
The same comparison goes for Logic Apps standard versus consumption.
I'm not aware of any Web App / Logic app basic reserved instance offerings. See this for reserved instances for app services.
Please spend some time reading the documentation (see the links above).
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