Q5. Q9. Figure 2:Dependent variable is Total Revenue

Independent Variable NFL t-statistic

Wins 412,760 1.96

Wins lagged 211,907 0.95

Population 0 -0.11

Stadium capacity 3,760 5.05

New stadium dummy 8,758,291 2.43

Constant term -38,100,000 -0.7

R-squared 0.45

What might explain the insignificant t-statistics on Wins, Wins lagged and the population dummy for NFL teams?

A. The extensive revenue sharing scheme in the NFL

B. The Patriots always win