Final answer:
If the price elasticity of demand is equal to 1/2, the price-consumption path is inelastic.
Step-by-step explanation:
If the price elasticity of demand is equal to 1/2, the price-consumption path is inelastic. Inelastic demand occurs when the elasticity of demand is less than one, indicating that a 1 percent increase in price paid by the consumer leads to less than a 1 percent change in purchases. This indicates a low responsiveness by consumers to price changes.