8. A case study in the chapter analyzed purchasing- power parity for several countries using the price of Big Macs. Here are data for a few more countries: Predicted Actual Price of a Exchange Exchange Country Big Mac Rate Rate Chile 2,100 pesos pesos/$ 715 pesos/$ Hungary 900 forints forints/$ 293 forints/$ Czech 75 korunas korunas/$ 25.1 korunas/$ Republic Brazil 13.5 real real/$ 4.02 real/$ Canada 5.84 C$ C$/$ 1.41 C$/$ a. For each country, compute the predicted exchange rate of the local currency per U.S. dollar. (Recall that the U.S. price of a Big Mac was $4.93.) b. According to purchasing-power parity, what is the predicted exchange rate between the Hungarian forint and the Canadian dollar? What is the actual exchange rate? c. How well does the theory of purchasing-power parity explain exchange rates