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How much should the big mac cost in china

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Question 1: On average, the cost of a Big Mac in the U.S. is $5.30 (Jul 2017) If purchasing power parity holds, how much should the Big Mac cost in China if the exchange rate is $1 = RMB 6.512?

Question 2: The actual average price of a Big Mac in China is 20 RMB. What dollar price is implied by PPP? How do you explain the difference between the implied price and the actual price?

Reference no: EM132492743

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