Apple (AAPL +1.10%) announced today it has changed the composition of its most affordable iPad lineup, as it replaced the iPad 2 with a 9.7-inch iPad with Retina display, which will have a retail price beginning at $399 for its Wi-Fi model.

"Now for $399 customers can get iPad with a stunning 9.7-inch Retina display, fast A6X chip, and 5MP iSight camera, offering a dramatic upgrade in power, performance and value compared to the iPad 2 it replaces," noted the senior vice president of Worldwide Marketing at Apple, Philip Schiller, in the company's press release.

The iPad with Retina display, which was first introduced in 2012 but was removed from the store in fall of last year, will also be available for $529 with the capabilities to access cellular data. The $399 and $529 price points for the 16GB options are the same for the iPad Mini with Retina display, however the mini has the A7 chip, versus the A6X chip utilized in the larger model.  

In addition, Apple has added an 8GB version of its iPhone 5C to its lineup of phones in other countries, including the United Kingdom, France, China, and Australia. In the U.K., the phone is priced at £429, which is £40 less expensive than the 16GB model, according to a report on Time.com. 

Schiller concluded his remarks by noting, "the iPad line sets the gold-standard in mobile computing and all iPads have access to the largest and best ecosystem of more than 500,000 iPad optimized apps from the App Store."