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.
At its height in 1350 the Mali Empire was a confederation of three states, Mali, Memo and Wagadou and twelve garrisoned provinces. The emperor or mansa ruled over 400 cities, towns and villages of various ethnicities and controlled a population of approximately 20 million people from the capitol at Niani.