The best thing to do if you can get decent traffic (a few hundred page views a day) is to just make different pages with various adwords split-tests and see what is the winner over the course of a week.
For instance, I have ONE page right now that has 3 individual placements on i with adsense, and it's direct linked, so while reading through the body text they get 3 adsense placements. My overall CTR is around 3% which is pretty good ,and at 75 cents on average, a definite winner.
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