If you don't want to compromise on quality and still get a good deal, the 2-star Hotel Damremont might be an option. It is located in the backstreets of Montmartre, close to a number of metro stations.
http://damremont-paris-hotel.com/
Hotel Astruc Elysees is a 3-star hotel but I would consider it quite economical. It is in a different part of town, around the Arc de Triomphe, at Parc Monceau.
http://www.astrucelyseesparishotel.com/
La Cordonnerie, located in the center close to the Louvre, is a cute little restaurant. Run by a friendly chef and his wife, it is a moderately priced place.
rue St-Roch, 75001
01 42 60 17 42