The Mini will offer a dual-core A5 chip, Facetime HD camera, 5MP iSight camera on the back, 802.11 a/b/g/n wifi, a Lightning connector and 10 hours of battery life. It will also come with iOS 6, Apple's mobile operating system with more than 200 features.
Schiller said the Mini was "every inch an iPad."
Starting with 16GB of memory, the Mini will go on sale for $329. It will go on preorder Friday and ship Nov. 2.
During today's presentation, Apple also introduced several new Mac computers, including a new version of its 13-inch MacBook Pro with Retina display and a Mac Mini desktop, as well as a fourth-generation iPad with an 9.7-inch Retina display, a new Apple-designed A6X chip and speedier wireless performance.
The MacBook Pro will be 3.57 pounds, 20 percent thinner than the previous version and the lightest MacBook pro. While it will have no optical drive, it will feature MacSafe 2, Thunderbolt, USB 3.0 and a Retina display.
It will go on sale for $1,699 for the i5 processor, 8GB of RAM and 128 GB solid state drive. The latest version of the MacBook Pro will ship today.
The Mac Mini, with two different size screens, will be sold for $1,299 for the 21.5 inch and $1,799 for the 27 inch.
Phil Schiller, Apple's senior vice president of worldwide product marketing, displays the prices of the company's various iPad products in San Jose, Calif., Tuesday, Oct. 23, 2012. Apple Inc. is refusing to compete on price with its rivals in the tablet market, it's pricing its new, smaller iPad well above the competition. On Tuesday, the company revealed the iPad Mini, with a screen that's about two-thirds the size of the full-size model, and said it will cost $329 and up.
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