Question - What are the different types of EC2 instances based on their costs?
Answer -
The three types of EC2 instances are:
On-demand Instance
It is cheap for a short time but not when taken for the long term
Spot Instance
It is less expensive than the on-demand instance and can be bought through bidding.
Reserved Instance
If you are planning to use an instance for a year or more, then this is the right one for you.