Limiting Bandwidth

Hi,

We have a test lab with 15-20 machines connected to a 24port cisco 3500 switch which inturn connect to a router. Actually as part of our requirement we want to limit the in bound as well out going traffic (IP) bandwidth to predefined values like 2 Mbps or any desired value.
Some people actually suggested expensive solutions like packteer (packet shapping device) which do lot more than limiting bandwidth.

I would like to know your suggestions / inputs for some cost effective solution . I would also be happy to provide
any other info u require.

Thanks in advance
sharan