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If I host an application that would run on a micro instance and it would be scheduled to run once a day and the execution would take 1 hour. Do I need to pay for 1 hour or it will charge me even when it's idle? Or in such case, AWS Beanstalk is better?

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Over here if your instance is in a running state you need to pay whether you have something for execution or not.

But if your instance is stopped you don't pay for the EC2, but in case if EBS is attached you pay for that.

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Do watch the below video tutorial on EC2.

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