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.
Located in the continent of Africa, Mali covers 1,220,190 square kilometers of land and 20,002 square kilometers of water, making it the 24th largest nation in the world with a total area of 1,240,192 square kilometers. Mali became an independent state in 1960, after gaining its sovereignty from France.