Does Apple need to make a cheap iPhone?

Once upon a time pundits proclaimed that Apple simply had to make a netbook, or low cost, low margin laptops from competitors would destroy them in the PC marketplace. More recently, they said Apple just had to make a discounted iPad or cheap, content-subsidized (in theory) tablets from Amazon would quickly overtake them. Today, and not for the first time, the call is coming for Apple to make a cheap pay-as-you-go iPhone to compete with the bargain basement Android offerings taking financially savaged parts of Europe by storm. But Apple doesn't do cheap.

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