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2. According to the Big Mac Index, the implied PPP exchange rate is Mexican Peso 11.80/$1 but the actual exchange rate is Peso 7.50/$1. Thus,

2. According to the Big Mac Index, the implied PPP exchange rate is Mexican Peso 11.80/$1 but the actual exchange rate is Peso 7.50/$1. Thus, at current exchange rates the peso appears to be ________valued by approximately ________

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