India is not included in the Big Mac Index. Can you explain why? Using the following data, compute the price of a Big Mac in Norway, Thailand, and Mexico. What is the equivalent price in dollars? Is it higher or lower than the U.S. price? How much is the kroner (or baht or peso) over- or undervalued?

• Norway price: Kroner 45; exchange rate: 6.25/$1
• Thailand price: Baht 70; exchange rate: 32.3/$1
• Mexico price: Peso 32; exchange rate: 12.8/$1