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I believe by using a standard pnp transistor with a zener diode would give you a fairly accurate voltage regulator I think that zeners are available as 2.7 and 3.3 v which would just leave the resistor of around 19~24 ohm depending on which zener was used
Would this work in practice ? if it does cost of components < $1.00
Would this work in practice ? if it does cost of components < $1.00