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.
Image Ownership: Public Domain. Mansa Musa, fourteenth century emperor of the Mali Empire, is the medieval African ruler most known to the world outside Africa. His elaborate pilgrimage to the Muslim holy city of Mecca in 1324 introduced him to rulers in the Middle East and in Europe.