| Variables | Test statistics | 1% C.V. | 5% C.V | 10% C.V. | Stationary |
| LnHV | 0.408 | −2.577 | −1.942 | −1.616 | No |
| DLnHV | −24.385 | YES | |||
| LnIncome | 0.092 | −2.577 | −1.942 | −1.616 | No |
| DLnIncome | −20.166 | YES | |||
| UE | −1.281 | −2.577 | −1.942 | −1.616 | No |
| DUE | −11.643 | YES | |||
| LnM2 | 6.879 | −2.577 | −1.942 | −1.616 | No |
| DLnM2 | −13.924 | Yes | |||
| CPI | −1.098 | −2.577 | −1.942 | −1.616 | No |
| DCPI | −14.496 | Yes |