What are the different types of EC2 instances based on their costs?

Question

Accepted Answer

Different types of EC2 instances based on costs include On-Demand Instances, Reserved Instances, and Spot Instances.

On-Demand Instances: Pay for compute capacity by the hour or second with no long-term commitments.
Reserved Instances: Reserved capacity for 1 or 3 years, offering significant discounts compared to On-Demand pricing.
Spot Instances: Bid on spare Amazon EC2 computing capacity, often available at a fraction of the cost of On-Demand instances.

Accepted Answer

EC2 types is based on what the requirement is in layman terms. Memory optimized meaning will contain more memory/storage and less CPU, Compute Optimized meaning more CPU and less memory or Balanced (Balance of CPU and memory). Remember EC2 is just a machine like server purpose. There are lot of other things associated with EC2 but for the interview purpose above is enough and for the other requirement meaning server/EC2 machine run cost management that can be managed by use of OnDemand meaning running EC2 when its needed, Spot Instances are temporary compute nodes mainly purpose is caching or similar like tasks wherein basic idea is to do something temporary but required fast throughput etc so as i said its temporary therefore cost is 40% reduced as compared to other nodes and these can be immediately available and lastly, Reserved Instances are for those instances those needs to run on prolong/continuous long run basis eg. for 1 year or etc like periods they are cheaper than ondemand when the requirement is continuos run for more than 1 yr

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