(a) Demand for M1 | ||||
Trace Test | ||||
Hypothesis | Eigenvalue | Trace Statistic | 5% Critical Value | Prob. |
None | 0.290 | 35.728 | 29.797 | 0.009 |
At Most 1 | 0.125 | 9.997 | 15.495 | 0.281 |
Maximum Eigenvalue Test | ||||
Hypothesis | Eigenvalue | Max-Eiegen Statistic | 5% Critical Value | Prob. |
None | 0.290 | 25.731 | 21.131 | 0.011 |
At Most 1 | 0.125 | 9.977 | 14.625 | 0.551 |
(b) Demand for M2 | ||||
Trace Test | ||||
Hypothesis | Eigenvalue | Trace Statistic | 5% Critical Value | Prob. |
None | 0.127 | 17.244 | 29.797 | 0.622 |
At Most 1 | 0.091 | 7.229 | 15.495 | 0.551 |
Maximum Eigenvalue Test | ||||
Hypothesis | Eigenvalue | Max-Eigen Statistic | 5% Critical Value | Prob. |
None | 0.127 | 10.016 | 21.132 | 0.743 |
At Most 1 | 0.091 | 7.096 | 14.265 | 0.778 |
(c) Demand for M3 | ||||
Trace Test | ||||
Hypothesis | Eigenvalue | Trace Statistic | 5% Critical Value | Prob. |
None | 0.132 | 17.047 | 29.797 | 0.637 |
At Most 1 | 0.083 | 6.562 | 15.495 | 0.629 |
Maximum Eigenvalue Test | ||||
Hypothesis | Eigenvalue | Max-Eigen Statistic | 5% Critical Value | Prob. |
None | 0.132 | 10.485 | 21.132 | 0.698 |
At Most 1 | 0.083 | 6.433 | 14.265 | 0.558 |