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I've been with Adsense to know that the income will go up and down and sometimes it doesn't seem to make sense.
These are things that are not tested but it "seems to me":
1. After getting a warning letter about illegal clicks or clicks from paid email sites, the rate will go down
2. Periodically rates will go down for no good reason. I suspect Google rotates through lesser paid advertisers once in a while perhaps as a test of my site.
3. Sometime rates jump up and money starts to flow with the same traffic and clicks. Google seems to reward good behavior over time.
4. It could just be the supply and demand on the Adwords end. Sometimes advertisers are forking out the bucks, other times they are not.
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