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AFAIK, burstable means that you commit to a certain amount of bandwidth, the minimum amount you pay for every month; and you are given a switch port which allows you to burst or use more bandwidth over your committed to amount as your needs dictate. This makes you open to 'overages' or charges for extra bandwidth, billed per megabit, over your initial minimum megabit commitment.

Dedicated means that your bandwidth (whichever way it is being billed) is ready and available for your use 24x7x365... and you have access to at least your minimum bandwidth commitment to burst up to, or use at any time you want without contending with other clients for the use of a limited amount of capacity.
 
Burstable is that you are never sure you will realy be able to transfer that much data.
Dedicated/guaranteed is that you can be quite certain this bandwidth is yours.
 
Will explain with the best example which hopefully clears your doubt on the type of bandwidth hosting providers offer:

Dedicated bandwidth means: For example you purchase 10mbps dedicated bandwidth and only 10mbps will be allocated to you on 100mbps or 1gbps bustable internet link and that 10mbps will not be shared for any other servers under same datacenter. In this case support your server needs more than 10mbps at any instant it can utilize from bustable link for some time period but it depends on hosting providers to give you bustable link for your dedicated bandwidth, if bustable is not there on your dedicated bandwidth than you server performance will go low when the traffic is high due to bandwidth shortage issue.

Bustable Bandwidth: (or share bandwidth): This means the hosting provider will give your server from there 100mbps link or 1gbps internet link cloud and nothing will be limited, bust providers will charge as per your bandwidth usage (in terms of GB or TB). In this as nothing is limited hence whole link can be utilized but at the same time other servers from cloud also will be using same link. Bandwidth will get allocate to you as per the availability.

Hope this helps you!

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