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Yes, rate-limit (or a policier) could be one way to accomplish limiting bandwidth to a certain value, but without adjusting
For burst sizes, perhaps about half your bandwidth delay product.
If you limit traffic is to 10 Mbps, with a normal burst size of 1,500,000 bytes. Traffic that does not conform is dropped. You can create burst how much you want. Its just if user reach 10 Mb limit then he/she can use burst traffic in the congestion. If you do not want any bust to be configured then use normal exceed-action drop.
See the following command in the example:
rate-limit input 10000000 1500000 exceed-action drop