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.
The Beginnings of Mali. With the demise of Ghana, another great empire arose in West Africa. Mali, located in the Sahel, a grassland region on the southern border of the Sahara Desert, became powerful by controlling the rich trans-Saharan trade routes between northern and western Africa, especially the gold trade. Mali was located in an agriculturally rich area along the upper Niger River.