There has been a lot of rumors surrounding a possible iPad of the 7” variety, but it seems that amidst all those rumors, Brian Blair, an analyst from Wedge Partners, seems to think that Apple will not be launching a 7” iPad but will instead focus on a low-cost iPad, much like how Apple introduced the 8GB iPhone 4 that was priced significantly lower than the iPhone 4S.

However this does not mean that Apple does not have a 7” in the works as Brian seems to think that Apple has a 7” prototype lying around somewhere, but has instead decided to forgo it in favor of the 9.7” form factor that has been used by both the iPad and the iPad 2. The possibility of a 7” iPad has always been denounced by a Steve Jobs quote who believed that the 7” size was too small to “express the software”. However despite renunciation of a 7” iPad, rumors have still managed to make their way their around and have even gained some traction.

So how much will this supposed “low-cost” iPad cost? After analyzing the costs, Brian Blair  believes that the iPad 2 will be Apple’s answer to a low-cost iPad and also address the demand in the mid-tier range which he estimated to be around $249-$499, and that Apple could offer up a 16GB iPad 2 anywhere between $349 to $399 after the release of the iPad 3.

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