Variable | Test type | ADF statistics | Critical value | Conclusion |

lny | (c, t, 2) | −3.353143 | −3.461094 | unstable |

lnX1 | (c, t, 1) | −1.910562 | −3.460516 | unstable |

lnX2 | (c, t, 1) | −1.545540 | −3.460516 | unstable |

lnX3 | (c, t, 2) | −2.854330 | −3.461094 | unstable |

dlny | (c, t, 1) | −9.784205 | −3.461094 | stable |

dlnX1 | (c, t, 0) | −16.48982 | −3.460516 | stable |

dlnX2 | (c, t, 0) | −12.50153 | −3.460516 | stable |

dlnX3 | (c, t, 1) | −9.574411 | −3.461094 | stable |