1. Calculate the predicted Net Hourly wage if the price of a Big Mac hamburger is $4.50.
Data table is in this link, not previously answered:
https://www.coursehero.com/tutors-problems/Statistics-and-Probability/8951393-Building-on-this-idea-researchers-Ashenfelter-and-Jurajda-proposed-co/
The McDonald's Corporation is the leading global food-service retailer with more than 30,000 local restaurants serving nearly 50 million people in more than 119 countries each day. This global presence, in addition to its consistency in food offerings and restaurant operations, makes McDonald's a unique and attractive setting for economists to make salary and price comparisons around the world. Because the Big Mac hamburger is a standardized hamburger produced and sold in virtually every McDonald's around the world, the Economist, a weekly newspaper focusing on international politics and business news and opinion, as early as 1986 was compiling information about Big Mac prices as an indicator of exchange rates. Building on this idea, researchers Ashenfelter and Jurajda proposed comparing wage rates across countries and the price of a Big Mac hamburger. Shown below are Big Mac prices and net hourly wage figures (in U.S. dollars) for 27 countries. Note that the net hourly wages are based on a weighted average of 12 professions.