Our basket contains a single good: the Big Mac, which uses the same ingredients almost everywhere (India’s Maharaja Mac, which contains chicken, not beef, is an exception). Since buying a burger in Norway costs $7.48 at market exchange rates, compared with an average price of $4.56 in America, the Norwegian krone is 65% overvalued on our measure.
Our basket contains a single good: the Big Mac, which uses the same ingredients almost everywhere (India’s Maharaja Mac, which contains chicken, not beef, is an exception). Since buying a burger in Norway costs $7.48 at market exchange rates, compared with an average price of $4.56 in America, the Norwegian krone is 65% overvalued on our measure.
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