5. Table 4.17 DemarNing point and index of sexual dimorphism for TLB of the right talus in males and ..... but its lateral edge inclines medially in its posterior part and is often broadened into a ... thin-walled vessels branch and grow toward either end of the cartilage model, ... forming a vascular sling under the talar necN.
! " #
# " #
" " "
#
" " " #
#
#$ % & '" ( & ) % #! ) " *#'" ! & ) #
!
!"#$ % "
! & ' & ( )*! &
" " *)+,-!
./ " 0 "1 2# ' 3 4 2 5,)* % "
! & ' & ( " " 5,)*
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ϭ
:HKRSHWKDW\RXZLOOEHQHILWIURPWKHIUXLWRIRXUODERXUDVWKLVZRUNZLOOSURYLGH LQIRUPDWLRQ RQ WKH VH[XDO GLIIHUHQFHV EHWZHHQ PDOHV DQG IHPDOHV RI 1RUWKHDVWHUQ 1LJHULD LQ UHODWLRQ WR DJH 7KH LQIRUPDWLRQ SURYLGHG ZLOO EH KHOSIXO WR IRUHQVLF VFLHQWLVW IRU PHGLFROHJDO LVVXHV DFDGHPLFLDQV DQG UHVHDUFKHUV DV ZHOO DV JHQHUDO SXEOLFIRUNQRZOHGJH
Ϯ
7DEOHRIFRQWHQW SDJH 3UHIDFH«««««««««««««««««««««««««««««« 7DEOHRIFRQWHQWV««««««««««««««««««««««««« /LVWRI7DEOHV«««««««««««««««««««««««««« /LVWRIILJXUHV«««««««««««««««««««««««««« /LVWRIDEEUHYLDWLRQV««««««««««««««««««««««« &+$37(521( ,QWURGXFWLRQ««««««««««««««««««««««««« $QDWRP\RIWKHWDOXV«««««««««««««««««««««« 'HYHORSPHQWDQG 2VVLILFDWLRQ RIWKHWDOXV««««««««««««« %ORRGVXSSO\ WR WKHWDOXV«««««««««««««««««««« 5DGLRJUDSKLFDSSHDUDQFHRIWKHDQNOHMRLQWDQGWDUVXV««««««««« $SSOLHG$QDWRP\ RI WKHWDOXV««««««««««««««««««« 6WDWHPHQWRIWKHSUREOHP«««««««««««««««««««« 2EMHFWLYHRIWKHVWXG\«««««««««««««««««««««« 6LJQLILFDQFHRIWKHVWXG\««««««««««««««««««««« 6FRSHDQGOLPLWDWLRQRI WKHVWXG\««««««««««««««««« &+$37(57:2 /LWHUDWXUH5HYLHZ««««««««««««««««««««««« &+$37(57+5(( 0DWHULDOV««««««««««««««««««««««««««« ([FOXVLRQ&UHWHULD««««««««««««««««««««««« (WKLFDO&OHDUDQFH««««««««««««««««««««««« 5DGLRJUDSKLF7HFKQLTXHRIWKHDQNOH«««««««««««««««« 0HWKRGV««««««««««««««««««««««««««« 0HDVXUHPHQWRIWKH$QWHURSRVWHULRU/HQJWK $3/ ««««««««« 0HDVXUHPHQWRIWKH7UDQVYHUVH%UHDGWK 7% «««««««««««« 0HDVXUHPHQWRIWKH7URFKOHDU%UHDGWK 7/% «««««««««««« 6WDWLVWLFDO$QDO\VLV««««««««««««««««««««««« &+$37(5)285 $QWHURSRVWHULRU/HQJWKRIWKH7DOXV««««««««««««««« 7UDQVYHUVH%UHDGWKRIWKH7DOXV«««««««««««««««««« 7URFKOHDU%UHDGWK RIWKH7DOXV««««««««««««««««««« &RPSDULVRQRI$3/7%DQG7/%%HWZHHQ$JH*URXSV««««««««« &RPSDULVRQRIWKHSUHVHQWVWXG\ZLWKRWKHUDXWKRUV«««««««««« &+$37(5),9( $QWHURSRVWHULRU/HQJWK««««««««««««««««««««« 7UDQVYHUVH%UHDGWK««««««««««««««««««««««« 7URFKOHDU%UHDGWK««««««««««««««««««««««« &RQFOXVLRQ«««««««««««««««««««««««««« 5HFRPPHQGDWLRQ««««««««««««««««««««««« 5HIHUHQFHV«««««««««««««««««««««««««««« ϯ
/,672)7$%/(6 7DEOH'LVWULEXWLRQRIVXEMHFWDFFRUGLQJWRDJHJURXS««««««««« 7DEOH 'HVFULSWLYH VWDWLVWLFV IRU $3/ RI WKH ULJKW WDOXV LQ PDOHV DQG IHPDOHV«««««««««««««««««««««««««««««« 7DEOH 'HVFULSWLYH VWDWLVWLFV IRU $3/ RI WKH OHIW WDOXV LQ PDOHV DQG IHPDOHV ««««««««««««««««««««««««««««««««« 7DEOH 'HVFULSWLYH VWDWLVWLFV IRU $3/ RI WKH ULJKW DQG OHIW WDOXV LQ PDOHV ««««««««««««««««««««««««««««««««« 7DEOH 'HVFULSWLYH VWDWLVWLFV IRU $3/ RI WKH ULJKW DQG OHIW WDOXV LQ IHPDOHV ««««««««««««««««««««««««««««««««« 7DEOH'HPDUNLQJSRLQWDQGLQGH[RIVH[XDOGLPRUSKLVPIRU$3/RIWKHULJKWWDOXV LQPDOHVDQGIHPDOHV«««««««««««««««««««««««« 7DEOH'HPDUNLQJSRLQWDQGLQGH[RIVH[XDOGLPRUSKLVPIRU$3/RIWKHOHIWWDOXV LQPDOHVDQGIHPDOHV«««««««««««««««««««««««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU7%RIWKHULJKWWDOXVLQPDOHVDQGIHPDOHV« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU7%RIWKHOHIWWDOXVLQPDOHVDQGIHPDOHV«« 7DEOH 'HVFULSWLYHVWDWLVWLFVIRU7%RIWKHULJKWDQGOHIWWDOXVLQPDOHV««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU7%RIWKHULJKWDQGOHIWWDOXVLQIHPDOHV«« 7DEOH'HPDUNLQJSRLQWDQGLQGH[RIVH[XDOGLPRUSKLVPIRU7%RIWKHULJKWWDOXV LQPDOHVDQGIHPDOHV««««««««««««««««««««««« 7DEOH'HPDUNLQJSRLQWDQGLQGH[RIVH[XDOGLPRUSKLVPIRU7%RIWKHOHIWWDOXV LQPDOHVDQGIHPDOHV«««««««««««««««««««««««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU7/%RIWKHULJKWWDOXVLQPDOHVDQGIHPDOHV 7DEOH'HVFULSWLYHVWDWLVWLFVIRU7/%RIWKHOHIWWDOXVLQPDOHVDQGIHPDOHV 7DEOH'HVFULSWLYHVWDWLVWLFVIRU7/%RIWKHULJKWDQGOHIWWDOXVLQPDOHV«« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU7/%RIWKHULJKWDQGOHIWWDOXVLQIHPDOHV« ϰ
7DEOH 'HPDUNLQJ SRLQW DQG LQGH[ RI VH[XDO GLPRUSKLVP IRU 7/% RI WKH ULJKW WDOXVLQPDOHVDQGIHPDOHV««««««««««««««««««««« 7DEOH'HPDUNLQJSRLQWDQGLQGH[RIVH[XDOGLPRUSKLVPIRU7/%RIWKHOHIWWDOXV LQPDOHVDQGIHPDOHV««««««««««««««««««««««« 7DEOH 'HVFULSWLYHVWDWLVWLFVIRU$3/7%DQG7/%LQPDOHVDQGIHPDOHVEHWZHHQ DQG \HDUVDJHJURXSV«««««««««««««««««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU$3/7%DQG7/%LQPDOHVDQGIHPDOHVEHWZHHQ DQG \HDUVDJHJURXSV«««««««««««««««««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU$3/7%DQG7/%LQPDOHVDQGIHPDOHVEHWZHHQ DQG \HDUVDJHJURXSV«««««««««««««««««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU$3/7%DQG7/%LQPDOHVDQGIHPDOHVEHWZHHQ DQG \HDUVDJHJURXSV«««««««««««««««««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU$3/7%DQG7/%LQPDOHVDQGIHPDOHVEHWZHHQ DQG \HDUVDJHJURXSV««««««««««««««««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU$3/7%DQG7/%LQPDOHVDQGIHPDOHVEHWZHHQ DQG \HDUVDJHJURXSV«««««««««««««««««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU$3/7%DQG7/%LQPDOHVDQGIHPDOHVEHWZHHQ DQG \HDUVDJHJURXSV«««««««««««««««««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU$3/7%DQG7/%LQPDOHVDQGIHPDOHVEHWZHHQ DQG \HDUVDJHJURXSV«««««««««««««««««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU$3/7%DQG7/%LQPDOHVDQGIHPDOHVEHWZHHQ DQG \HDUVDJHJURXSV«««««««««««««««««« 7DEOH'HVFULSWLYHVWDWLVWLFVIRU$3/7%DQG7/%LQPDOHVDQGIHPDOHVEHWZHHQ DQG \HDUVDJHJURXSV«««««««««««««««««« 7DEOH FRPSDULVRQRIWKH$3/7%DQG7/% FP RIPDOHVDQGIHPDOHVEHWZHHQ WKHSUHVHQWVWXG\DQGWKRVHUHSRUWHGE\RWKHUDXWKRUV««««««««««
ϱ
/,672)),*85(6 )LJXUH'LDJUDPRIWKHERQHVRIWKHKXPDQIRRW«««««««««««« )LJXUH3ODLQODWHUDOUDGLRJUDSKRIWKHDQNOH««««««««««««« )LJXUH3ODLQDQWHURSRVWHULRUUDGLRJUDSKRIWKHDQNOH««««««««« )LJXUH *UDSK VKRZLQJ $3/ RI PDOHV DQG IHPDOHV WDOXV RI \HDUV DJH JURXS«««««««««««««««««««««««««««««« )LJXUH *UDSK VKRZLQJ $3/ RI PDOHV DQG IHPDOHV WDOXV RI \HDUV DJH JURXS««««««««««««««««««««««««««««««« )LJXUH *UDSK VKRZLQJ $3/ RI PDOHV DQG IHPDOHV WDOXV RI \HDUV DJH JURXS«««««««««««««««««««««««««««««« )LJXUH *UDSK VKRZLQJ $3/ RI PDOHV DQG IHPDOHV WDOXV RI \HDUV DJH JURXS«««««««««««««««««««««««««««««« )LJXUH *UDSK VKRZLQJ $3/ RI PDOHV DQG IHPDOHV WDOXV RI \HDUV DJH JURXS«««««««««««««««««««««««««««««« )LJXUH*UDSKVKRZLQJ7%RIPDOHVDQGIHPDOHVWDOXVRI \HDUVDJHJURXS ««««««««««««««««««««««««««««««««« )LJXUH*UDSKVKRZLQJ7%RIPDOHVDQGIHPDOHVWDOXVRI \HDUVDJHJURXS ««««««««««««««««««««««««««««««««« )LJXUH*UDSKVKRZLQJ7%RIPDOHVDQGIHPDOHVWDOXVRI \HDUVDJHJURXS ««««««««««««««««««««««««««««««««« )LJXUH *UDSKVKRZLQJ7%RIPDOHVDQGIHPDOHVWDOXVRI \HDUVDJHJURXS ««««««««««««««««««««««««««««««««« )LJXUH*UDSKVKRZLQJ7%RIPDOHVDQGIHPDOHVWDOXVRI \HDUVDJHJURXS «««««««««««««««««««««««««« )LJXUH*UDSKVKRZLQJ7/%RIPDOHVDQGIHPDOHVWDOXVRI \HDUVDJHJURXS ««««««««««««««««««««««««««««««««« )LJXUH*UDSKVKRZLQJ7/%RIPDOHVDQGIHPDOHVWDOXVRI \HDUVDJHJURXS ««««««««««««««««««««««««««««««««« ϲ
)LJXUH*UDSKVKRZLQJ7/%RIPDOHVDQGIHPDOHVWDOXVRI \HDUVDJHJURXS ««««««««««««««««««««««««««««««««« )LJXUH *UDSK VKRZLQJ 7/% RI PDOHV DQG IHPDOHV WDOXV RI \HDUV DJH JURXS«««««««««««««««««««««««««««««« )LJXUH *UDSK VKRZLQJ 7/% RI PDOHV DQG IHPDOHV WDOXV RI \HDUV DJH JURXS««««««««««««««««««««««««««««««
ϳ
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ϳϱ
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¶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ϳϲ
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¶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ϳϳ
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ϳϴ
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ϳϵ
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ϴϬ
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ϴϭ
*LOHV(DQG(OOLRW2 6H[GHWHUPLQDWLRQE\GLVFULPLQDQWIXQFWLRQDQDO\VLV RIFUDQLD$PHULFDQ-RXUQDORI3K\VLFDO$QWKURSRORJ\ +DUPD$.DUDNDú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íDSRSXODWLRQVSHFLILFVWXG\DQGDUHYLHZRIWKH OLWHUDWXUH-)RUHQVLF6FL ϴϮ
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ϴϯ
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øúFDQ0
