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 cross elasticity of demand between the LED TV and the competitor and identify the type of product. Cross price elasticity of demand = % change in Qty B % Change In Price of Good A