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8. Problem & Purchasing-power parity (PPP) theory states that exchange rates would need to equalize the prices of goods in any two countries. For the dollar price Using data from The Economist's Big Mac Index for 2019, the following table shows the local currency price of a Big Mac in several countries as well as of a Big Mac to be the same in both countries, a U.S. citizen would need to be able to convert $5.74 into exactly GBP 3.29. To find the exchange rate the actual exchange rate between each country and the United States. At the time of the data collection, a Big Mac would have cost you $5.74 in the United States and GBP 3.29 in the United Kingdom. The actual exchange rate between the British pound and the U.S. dollar was $1.25 per pound. The at which hamburger purchasing power is the same in both countries, divide the price in the United States by the price in the United Kingdom: dollar price of a Big Mac purchased in the United Kingdom was, therefore, computed as follows: PPP Exchange Rate (U.S. Dollars per British pound) = $5.74 Dollar price of a Big Mac in the United Kingdom = GBP 3.29 x GEP 106 GBP 3.29 - $4.11 = $1.74 per pound For the price you paid for a Big Mac in the United States, you could have purchased a Big Mac in the United Kingdom and had some change left over for fries! The exchange rate that would have equalized the dollar price of a Big Mac in the United States and the Euro area (that is, the PPP exchange rate for Complete the final column of the table by computing the dollar price of a Big Mac for the countries where this amount is not given. Big Macs) is $1.41 per euro W . This change would mean that the euro had appreciated w against the dollar. Note: Round your answers to the nearest cent. If Big Macs were a durable good that could be costlessly transported between countries, which of the following would present an arbitrage Big Mac Index: January 2019 opportunity? Check all that apply. Local Price Actual Exchange Rate Dollar Price (Foreign currency) (Dollars per unit of foreign currency) ( Dollars) Exporting Big Macs from Norway to China Euro area 4.08 1.12 4.57 Norway 42.00 0.12 5.04 Exporting Big Macs from the Euro area to the United States United Kingdom 3.29 1.25 4.11 Poland 10.80 0.26 2.81 Exporting Big Macs from the United Kingdom to Poland China 21.00 0.14 2.94