Solution for QID #26644: Let's assume the US dollar/Mexican peso exchange rate is | StudyHelpMe

Let's assume the US dollar/Mexican peso exchange rate is 1/12 pesos and the price of a Big Mac in the United States is $3. Mexico's GDP is 16,696 billion pesos, and its population is 135 million people. 1. Assuming the countries have purchasing power parity, the price of a Big Mac in Mexico is _____ pesos. (Round your answer to the nearest integer) 2. Mexican income per capita is _____ thousand pesos. (Round your response to the nearest integer) 3. Mexican income per capita in US dollars is _____ thousand USD. (Round your response to the nearest integer)