Apple yesterday unveiled a smaller version of its hit iPad that will start at $329 and comes with a screen that's about two-thirds the size of the full-size model.The company will start taking orders for the new model this Friday and will ship the Wi-Fi-only models next Friday, November 2, said marketing chief Phil Schiller at an event in San Jose, California.The iPad mini weighs 0.68 pounds — about as much as a pad of paper and half as much as the full-size iPad. It’s also as thin as a pencil, Mr Schiller said.The screen resolution is 1024 by 768 pixels, the same as the iPad 2 and a quarter of the resolution of the third-generation iPad."It's not just a shrunken down iPad, it's an entirely new design," Schiller said.Later, the company will add models capable of accessing "LTE" wireless data networks.Company watchers have for a year been expecting the company to release a smaller iPad to counter cheaper tablets like Amazon’s Kindle Fire. However, most were expecting it to cost between $250 and $300. At $329, it's twice the price of the basic Kindle Fire.In a surprise move, Apple also announced it's upgrading its full-size iPad just six months after launching a new model — doubling the speed of the processor. Previously, the company has updated the iPad once a year.The fourth-generation iPad will have a better camera and work on more "LTE" wireless data networks around the world. Apple is also replacing the 30-pin dock connector with the new, smaller "Lightning" connector introduced with the iPhone 5 a month ago.The price of the new full-size model stays the same as the previous version, starting at $499 for a Wi-Fi-only version with 16 gigabytes of memory.Apple also revealed a redesigned iMac desktop with a thinner profile, a more powerful Mac mini and a 13-inch notebook that boasts a high definition display.The iMac, which integrates the display and components into a single unit, is now just 5 millimetres thick at the edges, and includes more power computing and expanded data storage optionsThe 21.5-inch iMac will sell from $1,299 and the 27-inch from $1,799, starting next month.Also unveiled was the new 13-inch MacBook Pro with a sharper, "Retina" display and thinner profile starting at $1,699.