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 the 14th century, the great Mali Empire stretched across a large area of West Africa. It spanned from the coast (in modern day Senegal) to beyond Timbuktu (in northern Mali). In the Middle Ages, the empire's riches were famous. A Spanish medieval map (the Catalan Atlas) from 1375 depicts the King of Mali, Mansa Musa. He is drawn sitting on a throne.