EC2 is the infrastructure service that you need to host your application. You need services such as EBS to be attached to EC2. Elastic IP or ELB can be used to expose your service, hosted on EC2 to the end users. The cost of EC2 is dependent on the type of EC2 and the operating system. Discounts are available for reserved instances. We should consider shared instances with on demand usage for costing. Dedicated instances are also available for special purposes. To understand details of pricing, go to https://aws.amazon.com/ec2/pricing/.
EC2, ELB and Elastic IP pricing
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