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As an author, who has changed the prices on my self-published books, I can share what I did, and why I did it.
Book 1. Released at $4.99 - minimal sales, so after 6 months or so, dropped to $2.99. Still not selling but have significant prodding from She Who Must Be Listened To to write sequel, so may drop price on sequel release. Unsure at this time.
Book 2. Released at $2.99 - with promotion it would be free the following 3 days. Free those three days, then back up to $2.99. There were paid sales before the book went free. (Original plan had been to go free immediately on release, but combination of time the book went live and how the promotion was scheduled caused about a 10-12 hour window of availability.)
Hope that helps.
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