Apple’s Worldwide Developer’s Conference kicks off Monday and according to Financial Times, Apple plans to introduce a cheaper version of its popular iPhone as soon as Monday, in a move that could dramatically increase the company’s share of the smart phone market.

Analysts said that the company is likely to introduce either a $149 phone or a $99 phone, down from the current low end of $199.

Citing a firm survey of consumers, Morgan Stanley analyst Kathryn Huberty said that a $50 price cut could increase demand for the phone by 50% and a $100 cut by 100%.

Apple sells about 11% of the world’s smart phones, trailing Nokia at 41% and Research in Motion (Blackberry) at 20%, according to Gartner figures from the first quarter.

Source:Cheaper iPhone Coming Soon?