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http://www.connectedinternet.co.uk/2007/01/28/google-adsense-smart-pricing-help-please/ -
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Smart Pricing normally drops the price per click to some cents the most, if that is not the case here you should not be worried.
Admittedly, that day was awful for some reason, but the spread between my good and bad days is still $4-5. I really wish I understood what was driving the eCPM on my good days so I could be more consistent!
It also is affected by which ads are clicked on by the users which can make a difference as well. Don't think you can influence this though.
It'd be nicer if someone had the answer though!
TerryG aka Psychic