in practice, people often use The Big Mac index, which provides an interesting perspective into the determination of foreign exchange rates: in the United States, a Big Mac is selling at a price of $5.06, while it costs 5.85 GEL in Georgia. The official exchange rate is $1 - 2.41 GEL IS GEL overvalued or undervalued? What should be the implied exchange rate? The GEL is undervalued, the implied exchange rate should be 51 - 1.16 GEL The GEL is overvalued, the implied exchange rate should be 51 = 1.16 GEL The GEL is correctly valued the implied exchange rate should be 51 -2.41 GEL O The GEL is undervalued, the implied exchange rate should be 51 -0.86 GEL. The GEL is overvalued, the implied exchange rate should be 51 -0.86 GEL