Understanding Elasticity of Demand

In a market analysis, a firm observes that the demand for its product decreases by 20% when the price is increased by 10%. Conversely, when the price is decreased by 10%, the demand increases by 30%. Based on this information, determine the price elasticity of demand when the price increases and when it decreases. Which of the following options accurately describes the nature of the price elasticity of demand based on the firm's observations?