Question: Question 1. PART B (4 points) The iTunes store, owned by Apple Inc. sells songs, movies and tv shows, These stores operate in several countries

Question 1. PART B (4 points) The iTunes store, owned by

Question 1. PART B (4 points) The iTunes store, owned by Apple Inc. sells songs, movies and tv shows, These stores operate in several countries and the songs are priced in local currency terms. iTunes Song PPP exchange Current US$ Over (+yunder (-) Over (+Wunder (-) Price Rate exchange rate valuation valuation (Local currency) (iTunes) (Big Mac)* USA US$ 0.99 Australia AS1.69 AS1.70 A$1.33 +28% -21% Canada CS0.99 CSI C$1.12 -11% +1% Japan 1200 #202 $112 480% -28% UK to.79 60.79 60.53 +51% +1 8% Source: The Economist What factor(s) could potentially explain the different prices charged for songs on iTunes? What advantage does the iTunes index have over the Big Mac index? (4 points; Max 200 words)

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