Yes--as long as the book has page numbers included. (Some don't.) To change the display--if you tap on screen where the location number is, the display should toggle between location number, page number, time to read in chapter, time to read in book, and completely blank. I've read reports here that some people find getting the information to change this way to be sporadic--I don't have any problems on my PaperWhite. The other way to change the information being displayed is to choose "Reading Progress" from the menu and select the information you want displayed there.
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