So I lowered the price for Lexify yesterday morning after I saw that only about 1-2% of the total Lexify downloads from the App Store were paid versions. It looks like this was a good choice. After the price change there were 87 free downloads and 7 paid ones, or about 8% of the total. This is in the 5-10% range that I would have hoped for. Since 7 purchases at $2.10 (after Apple's cut) = $14.70 and the previous day's 3 purchases at $3.50 (also after Apple's cut) = $10.50, the lower price is worth it even with fewer overall free downloads.

I'm not expecting anything huge from Lexify, being my first iPhone app and all. In fact, I'd be happy with $10-$15 a day from it. After all, it's always the NEXT app that you expect bigger things for. :)