Please help to solve this Financial and Time Series Econometrics question.

Only need to solve part (a).

Detailed steps and explanations are required.

(_i l I An investigator is interested in estimating a demand function for electricity. Monthly data on the quantity of electricity consumed (in kilowatt hours) and the price of electricity (in dollars) are available spanning 60 monthse 6' a) What are the conditions under which the log of electricity consumption (Lee) and the log of the price of electricity (Lee) series are stationary? How would you test whether both series contain a unit root? What are the null and the alternative hypotheses in this case?9 6' (_l <_l b the researcher performs adf tests with lag and a deterministic time trend for each series lee their rst differences pm obtains following test valuesw variables t- stat lec .329 meg .505 given critical value of both these cases which qlee pjep are stationary determine appropriate order integration le glee glee. what do you conclude>