Eddie Electrical is a company that produces LED TV. The company estimates that the demand for its LED is shown by the following regression equation: Q = 68.38 - 6.5P + 0.14Y - 10.77PC (12.65) (3.15) (0.013) (2.45) R= = 0.9 Standard error of estimate (See) = 12.5 Figures in parentheses show standard error of coefficients. Assume the following values for the independent variables: Q = market demand for the LED TV P = price of the LED TV = RM225 Y = consumers' average household income = RM24, 000 Pc= price of the competitor = RM60 Compute the income elasticity of demand for the LED TV. Is the product a luxury or a necessity