According to the lecture in the Topic "Price Levels and the Exchange Rate in the Long Run," absolute PPP is expressed as follows. where Ese is the US dollar/Euro exchange rate, Pus is the level of average prices in the US, and PEU is the level of average prices in the Euro area. Now, let's calculate the implied exchange rate using the following data of the Big Mac prices. In January 2016, the prices of Big Mac in the United States and the Euro area were as follows: United States: $4.93 Euro Area: Pus ESIE = PEU 3.72 Calculate the implied US dollar/Euro exchange rate using the Big Mac prices written above and the absolute PPP. The answer is: O a. 0.58 US dollars per Euro Ob. 0.75 US dollars per Euro O c. 1.33 US dollars per Euro. O d. 2.01 US dollars per Euro