12-14-2018, 05:23 PM
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#100
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Snowflake
Join Date: Mar 2006
Location: Dystopia
Posts: 13,136
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Quote:
Originally Posted by Undertoad
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Quote:
For example, using figures in July 2008:[5]
the price of a Big Mac was $3.57 in the United States (varies by store)
the price of a Big Mac was £2.29 in the United Kingdom (varies by region)
the implied purchasing power parity was $1.56 to £1, that is $3.57/£2.29 = 1.56
this compares with an actual exchange rate of $2.00 to £1 at the time
(2.00-1.56)/1.56 = 28%
the pound was thus overvalued against the dollar by 28%
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Nice.
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