"If you look across our product lines, you can buy an iPad today for under $300. You can buy an iPhone, depending upon which one you select, for in that same kind of ballpark," Cook told Fortune magazine. "And so these are not for the rich. We obviously wouldn't have over a billion products that are in our active installed base if we were making them for the rich."
Among the products Cook saw as being for the everyman: free coding programs for K-12 students and health tracking through Apple Watches.
"There's a lot of companies that have much higher margins. We price for the value of our products," Cook said. "And we try to make the very best products. And that means we don't make commodity kind of products."
Read the whole interview at Fortune.