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In 1986, The Economist published the oversimplified burgernomics, as a tongue-in-cheek example of Big Mac PPP.
The Big Mac PPP exchange rate between two countries is obtained by dividing the cost of a Big Mac in one country (in its currency) by the cost of a Big Mac in another country (in its currency).
This implies that the yuan is 58% undervalued relative to its Big Mac PPP.
8) The latter measures the exchange rate implied by Big Mac PPP.
price Local price Exchange Country rate Big Mac Big Mac PPP rate Mexico 3.
Table A1 reports measures of Big Mac PPP against the U.