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 wealth of the Mali Empire is illustrated by the Mali emperor Mansa Musa's pilgrimage to Mecca in 1324. His entourage reportedly included thousands of soldiers, officials and attendants, 100 camels each carrying 300 pounds of gold, and 500 maids and slaves to serve Mansa Musa's senior wife.