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What should be the implied exchange rate

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Question 1: Base on the law of price, the Big Mac index, 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? What will be your answer in case if Big Mac costs 12.85 GEL in Georgia?

Reference no: EM132518322

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