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Yes, there doesn't have to be relationship between production costs and selling price. The problem for ebooks is that it is so obvious to the consumer that ebooks have lower production costs and that in many cases they are being priced higher than the pbooks. You also always see the prices for the PB, HC, and the ebook at the same time when you are buying an ebook. Which means that Ebook buyers feel they are being taken for a ride. It is a very bad public relations strategy.
AND the fact that 5 big publishers got together and started raising prices on the very same day stinks to high heavens.
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