Last week, I listened to an economist talk about Apple’s complaints that Qualcomm had charged Apple too much for access to patents. What I thought was fascinating was that Apple had folks focused on the 5 percent that Qualcomm had charged it instead of on the massive profit that Apple made on each phone. The price of the iPhone 8 is rumored to be well over $1,000 — but it could cost well under $500 to build. All other smartphone prices seem to be trending down, while Apple’s appear to be trending up. This is an example of expert manipulation.
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