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Last week, the iPad 2 debuted to long lines at retail outlets. Some economists, like the president of the New York Federal Reserve said Friday that the lines were a good example of price inflation on hold.

New York Fed President William Dudley during a speaking engagement in Queens, N.Y., said, "Today, you can buy an iPad2 that costs the same as an iPad1, that's twice as powerful," The Wall Street Journal reported.

His remark did not go over so well, the Journal reported. Dudley was trying to explain that low inflation was a sign of a slow economy, the Journal said.

Lines were reported at Apple stores in San Francisco and New York, Apple Insider reported. Apple released its newest tablet computer at 5 p.m. EST, but was mum on why it chose that particular hour to release its newest gadget.

The successor to the iPad was available at Best Buy, Target, Walmart and Verizon and AT&T; stores at 5 p.m. and at Apple's online store at 4 a.m., which allowed lines to remain smaller than for some of Apple's other blockbuster releases. At its San Francisco store, Apple staff members rolled carts of refreshments up and down the sidewalk to keep about 140 people in line in good cheer.

The device Apple calls "magical" is 33 percent thinner and 15 percent lighter than the previous iPad, which boasts sales of 15 million. It features an A5 dual core processor "for blazing fast performance and stunning graphics," the company said in a statement.

Apple suggested the device sell for the same price as the iPad. The 16GB tablet with WiFi sells for $499, the 32GB model has a suggested retail price of $599, and a 64GB model goes for $699.

A second version, with WiFi and 3G capability, would start at $629 and run up to $829 for the 64GB model.

The WiFi and 3G version, compatible with the Verizon network, would be available in the United States only, Apple said.

Source: UPI