Chapter 4. Price Levels and the Exchange Rate in the Long Run Track global burger-based exchange-rates over time with interactive Big Mac index from The Economist (updated July. 1st, 2023). Just to clarify, the assignment is as follows: (1) Please answer the questions as follows: (35\%) 1. Please search for the Big Mac Index (The Economist) 2. Scroll down to the bottom of the page and download the "full set data". 3. Open downloaded file in Excel. 4. Analyze the data from China, Japan, Switzerland, Indonesia, Ukraine, and Taiwan (6 countries). 5. Fill in the table as follow showing overvalued and undervalued currencies. 6. Write a conclusion stating why PPP doesn't hold true according to the actual data. (2) Why PPP doesn't hold true according to the actual data? (35\%) (Please refer to "Purchasing-Power Parity: Definition, Measurement, and Interpretation") (3) What is "Relative Purchasing-Power Parity"? (30\%) (Please refer to "Purchasing-Power Parity: Definition, Measurement, and Interpretation") \begin{tabular}{|c|c|c|c|c|} \hline Country & \begin{tabular}{l} Local \\ price \end{tabular} & \begin{tabular}{l} Dollar \\ price \end{tabular} & \begin{tabular}{l} Implied PPP \\ of the dollar \end{tabular} & \begin{tabular}{l} Actual dollar \\ exchange rate \end{tabular} \\ \hline United States & 5.58 & 5.58 & & \\ \hline China & 25 & 3.5 & & \\ \hline Japan & 450 & 3.167 & & \\ \hline Switzerland & 6.7 & 7.729 & & \\ \hline Indonesia & 38000 & 2.52 & & \\ \hline Ukraine & 105 & 2.843 & & \\ \hline Taiwan & 75 & 2.387 & & \\ \hline \end{tabular}