Part 1: Today, a Big Mac (my favorite) costs $3.99 from McDonald’s on North Ave. in Bridgeport. Based on current nominal foreign exchange rates, how much would you expect to pay for a Big Mac in another country of your choice. Show your calculations. Part 2: “Purchasing Power Parity” theory suggests that if a Bic Mac costs $3.99 in the U.S., then the amount you pay in another country in that country’s currency should equal $3.99, since both amounts are worth one Big Mac. Find the actual, current cost — in local currency — of a Bic Mac in a foreign country. (Research this and don’t use the old figures in the text.) Calculate the real exchange rate for $1, based on purchasing power parity. Is it the same as the “nominal” foreign exchange rate? Why might there be a difference? Be sure to show your calculations. In order to do this exercise, you have to research the actual cost of a Big Mac in local currency in the country of your choice. (Use the prices in the text for reference only.)
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