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.
Mali, in west Africa, is among the world's poorest nations. Before European explorers arrived in 1795, the Malinke and Songhai empires developed and flourished in the region. The French conquered the region in the late 1800s.