I learned the idea of \"PRICE ELASTICITY OF DEMAND: The relative response of a c

Question

I learned the idea of "PRICE ELASTICITY OF DEMAND: The relative response of a change in quantity demanded to a relative change in price. More specifically, the price elasticity of demand can be defined as the percentage change in quantity demanded due to a percentage change in demand price. (The price elasticity of demand should be compared with the price elasticity of supply.)

I read that that if a product has a price elasticity greater than 1, these 2 things will always happen:

* if the price of the product goes up by 10 percent, the demand for it will go down by more than 10 percent

* if the price of the product goes down by 10 percent, the demand for it will rise by more than 10 percent.

It seems strange to me that this will always be the case. Logically I don't see why both of these will always occur. Surely there must be products where the first sentence is true, and the second isn't. Yet the concept of "price elasticity" does not allow for that possibility. Would someone please explain this to me? Thank you

Explanation / Answer

price elasticity of demand,e=% change in demand/ % change in price if e>1 then % change in demand > % change in price if there is x % change in price then change in demand(in opposite direction of price change) will be more than x%, this implies that both the statements are true for this case

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