Globalization affects and shapes consumers' sensitivity to price changes given the original objectives of globalization (trade barrier reduction and elimination). Globalization affects price elasticity of demand. Briefly comment on the following statements: (1) globalization shifted price elasticity from inelastic to elastic demand, (2) with the recent great recession and the Covid-19, nations tend to move toward protectionism, moving away from globalism. Would this affect price elasticity demand? If so, how? Be specific in terms of elastic or inelastic and why?