Quelon 22 (4 points) THE FOLLOWING REFERS TO QUESTIONS 21-23 Consider the following table of data gathered from the Big Mac Index over the last few years: In local currency In dollar Implied PPP Actual Exchange rate Local currency Under/over valuation 58 8.03 2006 2007 2008 2009 Yuan 10.5 Yuan 11.0 Yuan 12.5 Yuan 12.5 1.31 1.45 1.83 1.83 3.23 3.5 3.5 6.83 6.83 -49 49 - The price of Big Mac in the US was 3. Fill in the blanks in the table above by answering the questions below. What is the Yuan (local currency) under/over valuation in 2007? 35% -52% -58% -49%