Look back at the Big Mac Index in Table 20.1. Compute the level of the exchange rate
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TABLE 20.1 The Big Mac Index Big Mac price in local currency Exchange rate per dollar ($) Big Mac price in dollars 4.37 7.84 4.88 United States Norway Euro area Japan Mexico China Russia South Africa India 4.37 dollars 42.96 kroner 3.61 euros 1.00 dollars/ 5.48 kroner/S 0.74 curos/S 3.51 2.90 2.57 2.43 2.03 319.62 yern 91.06 yen/S 36.95 pesos 15.99 yuan 73.02 rubles 18.37 rand 89.18 rupees 12.74 pesosS 6.22 yuan/S 30.05 rublesS 9.05 randS 53.40 rupces/S 1.67
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