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GNI per-capita of the US and India (in current US $, using market exchange rates) are $62,850 and $2,020 respectively. In words, people in the
GNI per-capita of the US and India (in current US $, using market exchange rates) are $62,850 and $2,020 respectively. In words, people in the US are 31 times wealthier than people in India. According to the Big Mac Index, the cost of a Big Mac in the US is $5.74, the cost of a Big Mac in India is Rupees (Rs). 183. Market exchange rates are given as follows: Rs. 1 = US$ 0.014; or US$ 1 = Rs. 71.14. Based on these numbers, calculate the following: The price of an Indian Big Mac expressed in US dollars, using the market exchange rate, is
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