Yes, Amazon EMR is a fully managed service on offer from Amazon priced per second of usage in addition to Amazon EC2 instances deployed. Amazon EMR according to amazon is the cluster platform that makes it easier to process big data by running big data open-source frameworks like Apache Hadoop and Spark at a pay-per-usage pricing model which is fully managed by AWS.
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Also, do check out our YouTube video on Introduction to Amazon Elastic MapReduce to help you get started.