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Explain the theory of purchasing power parity (PPP) and why it does not always hold. Provide two over-valued currencies compared to the Australia dollar and

Explain the theory of purchasing power parity (PPP) and why it does not always hold. Provide two over-valued currencies compared to the Australia dollar and two under-valued currencies - based on some measure you choose (e.g. the Big Mac Index: https://www.statista.com/statistics/274326/big-mac-index-global-prices-for-a-big-mac/)

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