This is a big mystery. I've purchased base iPads on a $40 or $50 off sale and there's usually a limit of one per household. Why? Is it actually a loss leader at that point?
i imagine that they're making minimal profit at most. i recently got a mini with 20% off RRP and i imagine they defiantly either broke even or took a hit on it. either way at normal rrp the retailers must be making a decent profit to even bother selling the item