8. Please answer the following questions: (1) If the price of Big Mac is $3.22 in the U.S. and Yuan 12 in China, and PPP holds, what is the implied PPP of the dollar by The Economist magazine's Big Mac index? If actual dollar exchange rate is 7.28, please figure out under/over valuation against the dollar (5%). (2) If the price of Big Mac is $3.22 in the U.S. and 280 in Japan, and PPP holds, what is the implied PPP of the dollar by The Economist magazine's Big Mac index? If actual dollar exchange rate is 108, please figure out under/over valuation against the dollar (5%)