CASE 1: LeBron James is 6'8" tall and weighs 260 pounds. As a NBA professional basketball player, he has moved multiple times from one team to another, requiring him to relocate to another city. Given his size and strength, LeBron could move his household himself. Despite the fact that he could do the work of 2 ordinary movers, he hired movers each time he moved. Why was this a wise economic decision and what economic principle applies?

CASE 2: There are three primary uses of GDP Data as a measurement tool:

1. A measure of living standards.
2. A long-run measure of economic growth.
3. A short-run measure of the business cycle

Which of the three uses of GDP data was applied in each of the cases described below?

A. In 2011, many analysts claimed that the economy of India was slowing as GDP growth declined from 8.4% in 2010 to 6.9% in mid-2011.

B. Nicaragua and Haiti are the poorest nations in the western hemisphere, with annual per capita GDP in 2021 of only $2,091 and $1,815 respectively.

C. The economy of Italy has slowed considerably over two decades (from 1996 to 2016), as evidenced by an average growth of real GDP of only 0.15% per year.

CASE 3: Ticket prices to America's premier sporting event, the Super Bowl, were much lower when it was first played in 1967. In fact, you could have bought a ticket for a little as $6. This seems very low by more current prices. Pre-COVID in 2018, many seats sold for over $5,000. If the CPI from 1967 was 33 and the CPI for 2018 was 252, how would you convert the price of a $6 ticket to 2018 dollars?