In Hollywood, most nightclubs hire "promoters", or people who walk around near the nightclub and try to convince passersby to enter the club. One of the nightclub owners asked a marketing consultant to estimate the effectiveness of such promoters in terms of their ability to attract patrons to the club. The consultant did some research and found that the main entertainment at the nightclubs were on Hollywood Boulevard. He collected data from 25 similarly sized nightclubs on or near Hollywood Boulevard on Saturday 11/18/17 and hypothesized the following model: People; = B1 + B2Promo; + B3Gogo; + u; where People; = Attendance at the ith nightclub at midnight on Saturday 11/18/17 Promo; = number of promoters working at the ith nightclub that night Gogo; = number of dancers working at the ith nightclub that night Using the data he collected, he came up with the following estimates (standard errors in parenthesis) People; = 162.8 + 25.3Promo; + 27.9Gogo; (11.8) (21.7) (7.2) R2 = 0.57 a) Interpret the regression results. Do the results make economic sense? How do you interpret the value for R2 in this case? b) Which variables are statistically significant explaining the attendance at nightclubs at the 5% level? At the 1% level? c) Test the joint hypothesis that all coefficients are equal to zero at the 5% level. d) What is the expected attendance at a nightclub with 5 promoters and 5 dancers? e) Assume that dancers earn about as much per hour as promoters. If the equation is accurate, should the nightclub owner hire one more promoter or one more dancer if they want to increase attendance? Explain your answer