Conventional price elasticity of demand is a simplistic and elementary formula that has mathematical and economic deficiencies when applied to price (rates) and demand (balances) of deposit products: It does not recognize inverse relations between price and demand.
At its peak in 1300, the Mali Empire covered an area about twice the size of modern-day France and stretched to the west coast of Africa. In the late 19th century, during the Scramble for Africa, France seized control of Mali, making it a part of French Sudan.
In 2014, Mali has an estimated population of 15,768,227, an increase from 2013's estimate of 14.85 million. 90% of people in Mali live in the southern region with the Niger and Senegal rivers, far from the Sahara desert. About 68% of the population is rural, with 5-10 of people living a nomadic lifestyle.