In the Excel file for this problem set you will find quarterly data on the trend of the natural log of average weekly hours of production and nonsupervisory employees, the trend of the natural log of real GDP as well as the percent deviations from trend in average weekly hours and in real GDP.The data start in the first quarter of 1964 (1964-01-01) and end in the second quarter of 2021 (202104-01).

a.Compute and report the correlation coefficient between the trend in log average weekly hours and the trend in log real GDP.The command is = correl(array1, array2). What evidence, if any, does this data provide on the assumption that leisure is a normal good?Does this evidence prove that leisure is a normal good?Why or why not?

The correlation coefficient is -0.93

b.Compute and report the correlation coefficient between the percent deviation from trend in average weekly hours and the percent deviation from trend in real GDP.What evidence, if any, does this data provide on the business cycle behavior of hours worked???