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Personally I think the appropriate price range for an ebook is between $3-$10.
You are very limited as to what you can do with them. You can't lend them out, you can't donate or re-sale. Each sale produces profit for the publisher, where as the printed versions compete with a used market. (both compete with illegal methods so I won't count those).
The lower operating cost of electronically producing vs. printing / storing physical books should be more than enough to offset the difference in pricing.
Although with all open markets sellers will try to get the most they can, and buyers want the cheapest price. What will be determined as "fair" by consumers and publishers is still being worked out.
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