While some people criticize Apple for not having launched yet a more budget-oriented iPhone model to take on similar affordable devices from the competition, one analyst believes that a cheap iPhone would be an “insane idea” for the company, AppleInsider reports. Charlie Wolf from Needham Company said in a note to investors that a cheap iPhone would erode Apple’s profits, and should be avoided even in case the smartphone market becomes saturated when it comes to high-end models. Wolf calculated than on the iPhone 5c, which was expected to be the company’s first cheap phone but ended up being priced at $549 off-contract, Apple spends $165 on making the device and an additional $120 that represents “cost of goods
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