Briefly identify and describe the Big Mac Index in relation to purchasing power parity (PPP). Using the following cost of purchasing a Big Mac abroad and the current exchange rates below, assess the purchasing power of the U.S. dollar in determining the equivalent price in dollars and whether the three foreign currencies are undervalued or overvalued. Explain how this index could help identify the various underlying challenges and opportunities for domestic (U.S.-based companies) to doing business abroad?