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Phil Schiller discusses the iPad mini's price point

Apple used its October event to unveil its new US$329 iPad mini. The 7.9-inch tablet was criticized by analysts who scoffed at the device's price tag, which is $130 more than the Kindle Fire HD and $90 than the Nexus 7. Phil Schiller spoke to Reuters about this sticker shock and said that customers won't mind paying a little extra for an iPad because it's a premium device.

Schiller said that "the iPad is far and away the most successful product in its category. The most affordable product we've made so far was $399 and people were choosing that over those devices. And now you can get a device that's even more affordable at $329 in this great new form, and I think a lot of customers are going to be very excited about that."

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