Data from The Economist BigMac index from January 2022 shows that the local price of a Big Mac in Argentina is 450 Argentine pesos (ARS) and the price of a Big Mac in Britain is 3.59 pounds sterling (GBP). The exchange rate XARS/GBP = 140.895. Assume there is no bid-ask spread. (a) Calculate the Purchasing Power Parity Rate PPPRAI measure? RARS/GBP. What does this rate [2 marks] (b) Calculate the pound sterling price of a Big Mac in Buenos Aires (capital of Argentina) and the Argentine peso price of a Big Mac in London (capital of the UK). [6 marks]