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New York London Big Mac price $5.65 3.49 Exchange rate of $1 $1 0.73 Given the above values identify whether the Purchasing Power Parity is

	New York	London
Big Mac price	$5.65	3.49
Exchange rate of $1	$1	0.73

Given the above values identify whether the Purchasing Power Parity is valid or the overvalued or undervalued against the $

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