| Sl no | Explanatory Variables | Expected effect | |
| Demand Eq | Supply Eq | ||
| 1 | Total Expenditure on Higher Education | + |
|
| 2 | Per capita income | + |
|
| 3 | Secondary unemployment | + |
|
| 4 | Passed out rates in senior secondary board examination | + |
|
| 5 | Ratio of boys to girl’s enrolment in senior secondary education | - |
|
| 6 | Availability of HE facilities | + |
|
| 7 | Below poverty line | - |
|
| 8 | Literacy rates | + |
|
| 9 | Rural population | - |
|
| 10 | GER in senior secondary education |
| + |
| 11 | Public Expenditure on Higher Education |
| + |
| 12 | Public Expenditure on Secondary Education |
| + |