What it exactly means when the price elasticity is negative

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I am confused on how to interpret what it means when you're given price elasticity is -1 or price elasticity is -1.2. Would that mean that consumption decreases by 10% as price increases by 10%? Would the second one mean that consumption decreases by 12% as price increases by 10% What if price elasticity is 1. Would that mean that consumption increases by 10% as price increases by 10%? A quick explanation about what it exactly means when the price elasticity is negative or positive would be appreciated.

Reference no: EM131424860

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