The Big Mac index was created by The Economist in 1986 as a lighthearted guide to whether currencies are at their “correct” level. The file BigMacIndex201807 contains the dollar price (rounded to two decimals) of a Big Mac burger in 56 countries as of July 2018.

a. Assuming that these 56 countries form a population in a given study, compute the population mean and population standard deviation for the dollar prices.

b. Interpret the parameters in (a).