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Week 11 Discussion: Determining profit for a business A recent news article, $649 iphone 7 estimated to cost Apple $220, discussed that an estimated cost of raw materials required to make Apple's 4.7-inch iPhone 7 with a base 32GB storage was approximately $220 U.S. dollars. Apple was selling the iphone 7 for $649 in the United States (most phone carriers reduced the cost for customers who went on a specified plan). Can we conclude from the information above and in the article that Apple is making an economic profit of about $429 per iPhone 7? Explain your response