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ABOUT THE COVER
Upon entering the University of Kansas as an undergraduate, Chris Shannon knew she enjoyed
mathematics, but she was also interested in a variety of social and political issues. One of her
mathematics professors recognized this and suggested that she might be interested in taking
some economics courses while she was studying mathematics. She learned that economics
enabled her to combine the rigor and abstraction of mathematics with the exploration of com-
plex and important social issues involving human behavior. She decided to add a major in eco-
nomics to her math major. After graduating with B.S. degrees in economics and in mathematics,
Shannon went on to graduate school at Stanford University, where she received an M.S. in math-
ematics and a Ph.D. in economics.

Her current position as professor in both the mathematics and economics departments at the
University of California, Berkeley, represents an ideal blend of the two fields, and allows her to
pursue work ranging from developing new tools for analyzing optimization problems to designing
new models for understanding complex financial markets. The equation on the front cover of
CHRIS SHANNON
this text comes from one of her current projects, which explores new models of decision-making Mathematical Economist
under uncertainty and the effects of uncertainty on different markets.*

Look for other featured applied researchers in forthcoming titles in the Tan applied mathematics series:

PETER BLAIR HENRY MARK VAN DER LAAN JONATHAN D. FARLEY NAVIN KHANEJA
International Economist Biostatistician Applied Mathematician Applied Scientist
Stanford University University of California, Massachusetts Institute of Harvard University
Berkeley Technology

* Shannon, Chris, and Rigotti, Luca, Uncertainty and Risk in Financial Markets, Econometrica, January 2005, 73(1), pp. 203 243.
LIST OF APPLICATIONS

BUSINESS AND ECONOMICS Digital versus film cameras, 50 Investments 78, 92, 105, 130, 271, 290, 352,
Access to capital, 476 Double-declining balance depreciation, 327, 376
Adjustable-rate mortgage, 318 330 IRAs, 288, 302, 317
Advertising, 56, 180, 182, 183, 192, 195, 235, Downloading music, 405 LCDs versus CRTs, 50
254, 370, 488, 564 Durable goods orders, 393 Leasing, 49, 53
Agriculture, 77, 78, 90, 92, 147 Economic surveys, 351 Life insurance premiums, 464
Airfone usage, 440 Effect of inflation on salaries, 291 Linear depreciation, 31, 36, 68
Airline safety, 396 Electricity consumption, 290 Loan amortization, 316, 319
Allocation of funds 181, 194, 271 Email services, 394 Loan delinquencies, 506
Allocation of services, 517 Employee education and income, 427 Machine scheduling, 165
Annuities, 298, 300, 302, 304 Equilibrium quantity and price, 47, 48, 50, 51, Management decisions, 79, 93, 104, 364, 370,
Assembly-time studies, 387, 394, 406 69 551
Asset allocation, 181, 182, 194, 235, 236, Expected auto sales, 465 Market equilibrium, 46, 47, 48, 50, 53, 69
405 Expected demand, 464 Market for cholesterol-reducing drugs, 57
ATM cards, 358 Expected home sales, 465 Market research, 196
Auditing tax returns, 426 Expected product reliability, 464 Market share, 117, 518, 521, 532, 552
Authentication technology, 61 Expected profit, 456, 464 Marketing surveys, 347
Automobile leasing, 304, 333 Expected sales, 464 Maximizing production, 184, 569
Automobile surveys, 568 401(K) retirement plans, 131, 405 Maximizing profit, 45, 176, 183, 184, 187, 194,
Balloon payment mortgage, 317 Factory workers wages, 505 229, 232, 235, 275
Banking, 116 Financial analysis, 213, 316, 552 Minimizing mining costs, 181, 195, 275
Bidding for contracts, 371 Financial planning, 305, 333 Minimizing shipping costs, 8, 182, 183, 195,
Bidding for rights, 549 Financing a car, 301, 316, 317 253, 254, 272
Bookstore inventories, 116 Financing a home, 305, 316, 317, 318 Money market mutual funds, 291
Box-office receipts, 78, 93, 131 Flex-time, 440 Money market rates, 450
Brand selection, 413 Foreign exchange, 131 Mortgages, 310, 316, 317, 318, 333
Break-even analysis, 44, 53 Gasoline consumption, 541 Motorcycle sales, 117
Bridge loans, 289 Gasoline sales, 114, 118, 120, 121, 165 Movie attendance, 383, 393
Broadband Internet households, 37 Gross national product, 351 Municipal bonds, 290
Broadband versus dial-up, 50 Health-care plan options, 358 Mutual funds, 290, 333
Business travel expenses, 93 Home affordability, 312, 475 Net-connected computers in Europe, 60
Buying trends of home buyers, 531 Home equity, 310 Newspaper subscriptions, 352
Cable television, 465 Home financing, 333 Nuclear plant utilization, 21
Calling cards, 61 Home mortgages, 310, 316 Nurses salaries, 60
Capital expenditures, 144, 316, 333 Home refinancing, 317 Online banking, 60
CDs, 333 Housing appreciation, 290 Online retail sales, 291
City planning, 515, 516 Housing loans, 427 Online sales of used autos, 61
COLAs, 329 In-flight service, 405 Online spending, 61
Common stock transactions, 165, 290, 386 Income distributions, 431 Online travel, 66
Company sales, 68, 323, 326, 330 Industrial accidents, 472, 506 Optimizing production schedules, 194, 236,
Competitive strategies, 550, 551, 568 Inflation rates, 291 234, 271
Computer-aided court transcription, 540 Information security software sales, 59 Optimizing profit, 211, 232
Consolidation of business loans, 290 Input-output analysis, 153, 155, 157, 158, 159, Organizing business data, 109, 111
Consumption functions, 36 161 Organizing production data, 109, 111, 132
Corporate bonds, 290 Installment loans, 304, 333 Organizing sales data, 108, 120
Cost of drilling, 329 Insurance claims, 117 Packaging, 470, 499
Cost of laying cable, 4, 8 Insurance probabilities, 435, 464 Pension funds, 290
Credit cards, 333, 376 Inventory control and planning, 109, 116, 464 Pensions, 291
Cruise ship bookings, 506 Investment analysis, 275, 302, 305, 317, 352, Personnel selection, 371, 412, 436
Customer service, 387, 488 464, 465, 474, 475 Petroleum production, 165
Customer surveys, 440, 451 Investment clubs, 78, 79, 92, 93, 147 Plans to keep cars, 405
Decision analysis, 45, 49 Investment in technology, 405 Predicting sales figures, 16
Demand for electricity, 40, 41, 63 Investment options, 288, 291, 350, 355, 367 Predicting the value of art, 16
Depreciation of equipment, 31 Investment planning, 78, 92, 196, 290 Prefab housing, 183, 235
Dial-up Internet households, 37 Investment portfolios, 116 Pricing, 147, 568
Digital TV services, 22 Investment strategies, 560, 563 Probability of engine failure, 489
(continued)
List of Applications (continued)
Product reliability, 426, 428, 476, 505 Tour revenue, 145 Gun-control laws, 406
Product safety, 392 Transportation, 181, 210, 253 Highway speeds, 505
Production planning, 113, 126, 132, 133, 229, Transportation problem, 178, 195 Homebuying trends, 531
235, 238, 254, 267 Trust funds, 279, 290, 316, 330 Homeowners choice of energy, 521, 531
Production scheduling, 75, 89, 93, 176, 181, TV households, 403 Hours worked in some countries, 475
182, 194, 210, 234, 235, 271, 272 Unemployment rates, 464 IQ s, 505
Profit functions, 33, 36, 68, 200 Union bargaining issues, 358 Investment portfolios, 122
Promissory notes, 290 U.S. drug sales, 60 Jury selection, 370
Purchasing power, 291 U.S. financial transactions, 50 Library usage, 448
Quality control, 370, 371, 376, 386, 393, 395, U.S. online banking households, 60 Life expectancy, 117
399, 409, 412, 420, 421, 424, 427, 428, 430, Use of automated office equipment, 541 Marital status of men, 475
434, 435, 439, 440, 477, 485, 486, 489, 503, Violations of the building code, 488 Marital status of women, 509
506, 509 Volkswagen s revenue, 475 Marriage probabilities, 424
Rate comparisons, 290 Wage rates, 466 Mass-transit subsidies, 59
Rate of return on an investment, 290, 332 Waiting lines, 370, 446, 450, 454, 466 Mortality rates, 117
Real estate, 78, 92, 131, 287, 291 Warehouse problem, 179, 183, 249 Narrowing gender gap, 22
Real estate transactions, 131, 403, 463, 465 Warranties, 358, 400, 505 Network news viewership, 531
Recycling, 375 Waste generation, 66 One- and two-income families, 531
Refinancing a home, 317, 318 Wireless subscribers, 61 Opinion polls, 358, 393, 435, 437
Reliability of a home theater system, 428 Zero coupon bonds, 290, 291 Organizing educational data, 131, 344
Reliability of security systems, 428 Organizing sociological data, 450, 474, 475
Retirement planning, 290, 304, 315, 317, 333 SOCIAL SCIENCES Political polls, 358, 387, 396, 520
Revenue growth of a home theater business, Accident prevention, 392 Politics, 344, 432, 434
291 Age distribution in a town, 479 Population growth, 329
Revenue projection, 465 Age distribution of renters, 436 Population over 65 with high school diplomas,
Robot reliability, 489 Americans without health insurance, 476 18
Royalty income, 303 Annual college costs, 66 Professional women, 531
Salary comparisons, 329, 330 Arrival times, 394 Psychology experiments, 357, 520, 530
Sales growth, 23, 329 Auto-accident rates, 435, 464 Public housing, 413
Sales of drugs, 60, 66 Campaign strategies, 564 Research funding, 147
Sales of GPS equipment, 22, 60 Car theft, 427 Restaurant violations of the health code, 488
Sales of navigation systems, 22 Civil service exams, 505 Ridership, 78, 92
Sales of vehicles, 476 College admissions, 22, 59, 69, 131, 427, 440, Risk of an airplane crash, 406
Sales projections, 488 500 Rollover deaths, 405
Sales tax, 36 College graduates, 489 Same-sex marriage, 394
Sampling, 376, 409 College majors, 436, 521 SAT scores, 59, 351, 398
Service-utilization studies, 395 Committee selection, 366 Seat-belt compliance, 435
Shadow prices, 205 Commuter options, 357 Selection of Senate committees, 371
Shoplifting, 395 Commuting times, 461 Selection of Supreme Court judges, 436
Shuttle bus usage, 387 Commuter trends, 350, 520, 530 Small-town revival, 520
Sinking fund, 313, 316, 333 Compliance with seat belt laws, 435 Social ladder, 436
Social Security benefits, 36 Consumer decisions, 8, 289, 329 Social programs planning, 182, 195
Social Security contributions, 21 Consumer surveys, 347, 349, 350, 351, 404 Solar energy, 485, 521
Social Security wage base, 61 Correctional supervision, 395 Student dropout rate, 351
Staffing, 359 Course enrollments, 404 Student enrollment, 426
Starbucks annual sales, 66 Court judgment, 289 Student financial aid, 427
Starbucks store count, 59, 66 Crime, 350, 435 Student loans, 316
Starting salaries, 476 Disposition of criminal cases, 396 Student reading habits, 351
Stock transactions, 122, 128, 165 Distribution of families by size, 450 Student surveys, 351, 376
Sum-of-the-years-digits method of depreciation, Drivers tests, 371, 413 Study groups, 370
329 Driving age requirements, 474 Switching Internet service providers (ISPs), 428
Supply and demand, 35, 37, 38, 48, 50, 69 Education, 505, 541 Teacher attitudes, 404
Switching jobs, 405 Education and income, 427 Teaching assistantships, 370
Tax planning, 302, 303, 305, 317, 333 Educational level of mothers and daughters, Television-viewing polls, 358, 450
Tax-deferred annuity, 302 523 Traffic surveys, 394
Taxicab movement, 517, 529 Educational level of senior citizens, 18 Traffic-flow analysis, 101, 105
Telemarketing, 506 Educational level of voters, 426 Transcription of court proceedings, 540
Television commercials, 235 Elections, 376, 435 Trends in auto ownership, 532, 568
Television pilots, 450 Election turnout, 476 UN Security Council voting, 368
Television programming, 370 Enrollment planning, 436, 521 UN voting, 370
Testing new products, 384, 391, 392 Exam scores, 358, 371, 450, 466, 475, 489 U.S. birth rate, 474
Theater bookings, 506 Financing a college education, 290, 317 U.S. population by age, 450
Ticket revenue, 147 Grade distributions, 393, 505 Urbanization of farmland, 568
(continued on back endpaper)
Finite Mathematics
for the Managerial, Life,
and Social Sciences

Eighth Edition
This page intentionally left blank
Finite
Mathematics
for the Managerial, Life,
and Social Sciences

Eighth Edition

S. T. TAN
STONEHILL COLLEGE

Australia • Canada • Mexico • Singapore • Spain

United Kingdom • United States
Executive Publisher: Curt Hinrichs Permissions Editor: Sarah Harkrader
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TO PAT, BILL, AND MICHAEL
 Contents

Preface x

CHAPTER 1 Straight Lines and Linear Functions 1

1.1 The Cartesian Coordinate System 2
1.2 Straight Lines 10
Using Technology: Graphing a Straight Line 24
1.3 Linear Functions and Mathematical Models 28
Using Technology: Evaluating a Function 39
1.4 Intersection of Straight Lines 42
Using Technology: Finding the Point(s) of Intersection of Two Graphs 52
* 1.5 The Method of Least Squares 54
Using Technology: Finding an Equation of a Least-Squares Line 63
Chapter 1 Summary of Principal Formulas and Terms 67
Chapter 1 Concept Review Questions 67
Chapter 1 Review Exercises 68
Chapter 1 Before Moving On 69

CHAPTER 2 Systems of Linear Equations and Matrices 71

2.1 Systems of Linear Equations: An Introduction 72
2.2 Systems of Linear Equations: Unique Solutions 80
Using Technology: Systems of Linear Equations: Unique Solutions 94
2.3 Systems of Linear Equations: Underdetermined and Overdetermined Systems 97
Using Technology: Systems of Linear Equations: Underdetermined and
Overdetermined Systems 106
2.4 Matrices 108
Using Technology: Matrix Operations 118
2.5 Multiplication of Matrices 121
Using Technology: Matrix Multiplication 134
2.6 The Inverse of a Square Matrix 136
Using Technology: Finding the Inverse of a Square Matrix 150
* 2.7 Leontief Input–Output Model 153
Using Technology: The Leontief Input Output Model 160

*Sections marked with an asterisk are not prerequisites for later material.

vi
 CONTENTS vii

Chapter 2 Summary of Principal Formulas and Terms 163

Chapter 2 Concept Review Questions 163
Chapter 2 Review Exercises 164
Chapter 2 Before Moving On 166

CHAPTER 3 Linear Programming: A Geometric Approach 167

3.1 Graphing Systems of Linear Inequalities in Two Variables 168
3.2 Linear Programming Problems 176
3.3 Graphical Solution of Linear Programming Problems 185
*3.4 Sensitivity Analysis 198
PORTFOLIO: Morgan Wilson 206
Chapter 3 Summary of Principal Terms 212
Chapter 3 Concept Review Questions 212
Chapter 3 Review Exercises 213
Chapter 3 Before Moving On 214

CHAPTER 4 Linear Programming: An Algebraic Approach 215

4.1 The Simplex Method: Standard Maximization Problems 216
Using Technology: The Simplex Method: Solving Maximization Problems 238
4.2 The Simplex Method: Standard Minimization Problems 243
Using Technology: The Simplex Method: Solving Minimization Problems 255
*4.3 The Simplex Method: Nonstandard Problems 260
Chapter 4 Summary of Principal Terms 274
Chapter 4 Concept Review Questions 274
Chapter 4 Review Exercises 274
Chapter 4 Before Moving On 275

CHAPTER 5 Mathematics of Finance 277

5.1 Compound Interest 278
Using Technology: Finding the Accumulated Amount of an Investment, the
Effective Rate of Interest, and the Present Value of an Investment 292
5.2 Annuities 296
Using Technology: Finding the Amount of an Annuity 306
5.3 Amortization and Sinking Funds 309
PORTFOLIO: Mark Weddington 313
Using Technology: Amortizing a Loan 319
*5.4 Arithmetic and Geometric Progressions 322
Chapter 5 Summary of Principal Formulas and Terms 331
Chapter 5 Concept Review Questions 331
Chapter 5 Review Exercises 332
Chapter 5 Before Moving On 334
viii CONTENTS

CHAPTER 6 Sets and Counting 335

6.1 Sets and Set Operations 336
6.2 The Number of Elements in a Finite Set 346
6.3 The Multiplication Principle 353
PORTFOLIO: Stephanie Molina 356
6.4 Permutations and Combinations 359
Using Technology: Evaluating n!, P(n, r), and C(n, r) 373
Chapter 6 Summary of Principal Formulas and Terms 374
Chapter 6 Concept Review Questions 375
Chapter 6 Review Exercises 375
Chapter 6 Before Moving On 377

CHAPTER 7 Probability 379

7.1 Experiments, Sample Spaces, and Events 380
7.2 Definition of Probability 388
7.3 Rules of Probability 397
PORTFOLIO: Todd Good 401
7.4 Use of Counting Techniques in Probability 407
7.5 Conditional Probability and Independent Events 414
7.6 Bayes’ Theorem 429
Chapter 7 Summary of Principal Formulas and Terms 438
Chapter 7 Concept Review Questions 439
Chapter 7 Review Exercises 439
Chapter 7 Before Moving On 441

*
CHAPTER 8 Probability Distributions and Statistics 443
8.1 Distributions of Random Variables 444
Using Technology: Graphing a Histogram 451
8.2 Expected Value 454
PORTFOLIO: Ann-Marie Martz 461
8.3 Variance and Standard Deviation 467
Using Technology: Finding the Mean and Standard Deviation 478
8.4 The Binomial Distribution 480
8.5 The Normal Distribution 490
8.6 Applications of the Normal Distribution 499
Chapter 8 Summary of Principal Formulas and Terms 507
Chapter 8 Concept Review Questions 508
Chapter 8 Review Exercises 508
Chapter 8 Before Moving On 509
 CONTENTS ix

CHAPTER 9 Markov Chains and the Theory of Games 511

9.1 Markov Chains 512
Using Technology: Finding Distribution Vectors 522
9.2 Regular Markov Chains 523
Using Technology: Finding the Long-Term Distribution Vector 533
9.3 Absorbing Markov Chains 535
9.4 Game Theory and Strictly Determined Games 543
9.5 Games with Mixed Strategies 553
Chapter 9 Summary of Principal Formulas and Terms 566
Chapter 9 Concept Review Questions 567
Chapter 9 Review Exercises 567
Chapter 9 Before Moving On 569

APPENDIX A Introduction to Logic 571

A.1 Propositions and Connectives 572
A.2 Truth Tables 576
A.3 The Conditional and Biconditional Connectives 579
A.4 Laws of Logic 584
A.5 Arguments 588
A.6 Applications of Logic to Switching Networks 594

APPENDIX B The System of Real Numbers 598

APPENDIX C Tables 601

Table 1: Binomial Probabilities 602
Table 2: The Standard Normal Distribution 606

Answers to Odd-Numbered Exercises 609

Index 643
 Preface

M ath is an integral part of our increasingly complex daily life. Finite Mathe-
matics for the Managerial, Life, and Social Sciences, Eighth Edition, attempts to
illustrate this point with its applied approach to mathematics. Our objective for this
Eighth Edition is threefold: (1) to write an applied text that motivates students while
providing the background in the quantitative techniques necessary to better under-
stand and appreciate the courses normally taken in undergraduate training, (2) to lay
the foundation for more advanced courses, such as statistics and operations research,
and (3) to make the text a useful tool for instructors. The only prerequisite for under-
standing this text is 1 to 2 years, or the equivalent, of high school algebra.

Features of the Eighth Edition

■ Coverage of Topics This text offers more than enough material for a one-
semester or two-quarter course. Optional sections have been marked with an aster-
isk in the table of contents, thereby allowing the instructor to be flexible in choos-
ing the topics most suitable for his or her course. The following chart on chapter
dependency is provided to help the instructor design a course that is most suitable
for the intended audience.

1 6 5
Straight Lines Sets and Mathematics
and Counting of Finance
Linear Functions

2 9 7
Systems of Markov Chains Probability
Linear Equations and the Theory
and Matrices of Games

3 8
Linear Probability
Programming: Distributions
A Geometric and Statistics
Approach

4
Linear
Programming:
An Algebraic
Approach

x
 PREFACE xi

■ Approach A problem-solving approach is stressed throughout the book.

Numerous examples and solved problems are used to amplify each new concept
or result in order to facilitate students comprehension of the material. Graphs and
pictures are used extensively to help students visualize the concepts and ideas
being presented.
■ Level of Presentation Our approach is intuitive, and we state the results infor-
mally. However, we have taken special care to ensure that this approach does not
compromise the mathematical content and accuracy.

Applications The applications provide another opportunity to show the student the
connection between mathematics and the real world.
■ Current and Relevant Examples and Exercises are drawn from the fields of
business, economics, social and behavioral sciences, life sciences, physical sci-
ences, and other fields of general interest. In the examples, these are highlighted
with new icons that illustrate the various applications.

APPLIED EXAMPLE 4 Financing a Car After making a down payment

of $2000 for an automobile, Murphy paid $200 per month for 36 months with
interest charged at 12% per year compounded monthly on the unpaid balance.
What was the original cost of the car? What portion of Murphy s total car pay-
ments went toward interest charges?

Solution The loan taken up by Murphy is given by the present value of the
annuity
200[1  (1.01)36]
P    200a 36 ––
0.01
0.01
6021 50
■ New Applications Many new real-life applications have been introduced.
Among these applications are sales of GPS Equipment, Broadband Internet
Households, Switching Internet Service Providers, Digital vs. Film Cameras,
Online Sales of Used Autos, Financing College Expenses, Balloon Payment
Mortgages; Nurses Salaries, Revenue Growth of a Home Theater Business, Same-
Sex Marriage, Rollover Deaths, Switching Jobs, Downloading Music, Americans
without Health Insurance, Access to Capital, and Volkswagen s Revenue.

75. SALES OF GPS EQUIPMENT The annual sales (in billions of dol-
lars) of global positioning systems (GPS) equipment from
2000 through 2006 follow. (Sales in 2004 through 2006 are
projections.) Here, x  0 corresponds to 2000.

Year x 0 1 2 3 4 5 6
Annual Sales, y 7.9 9.6 11.5 13.3 15.2 17 18.8

a. Plot the annual sales ( y) versus the year (x).

b. Draw a straight line L through the points corresponding
to 2000 and 2006.
c. Derive an equation of the line L.
d U h i f di ( ) i h l
xii PREFACE

■ New Portfolios are designed to convey to the student the real-world experiences
of professionals who have a background in mathematics and use it in their daily
business interactions.

PORTFOLIO Morgan Wilson

TITLE Land Use Planner

INSTITUTION City of Burien
As a Land Use Planner for the city of applicant has worked with one or more of these professionals,
Burien, Washington, I assist property building plans can be submitted for review. Then, they are
owners every day in the development of routed to several different departments (building, engineer, pub-
their land. By definition, land use plan- lic works, and the fire department). Because I am the land use
ners develop plans and recommend planner for the project, one set of plans is routed to my desk for
policies for managing land use. To do this, I must take into review.
account many existing and potential factors, such as public trans- During this review, I determine whether or not the zoning
portation, zoning laws, and other municipal laws. By using the requirements have been met in order to make a final determina-
basic ideas of linear programming, I work with the property tion of the application. These zoning requirements are assessed
owners to figure out maximum and minimum use requirements by asking the applicant to give us a site plan showing lot area
for each individual situation. Then, I am able to review and eval- measurements, building and impervious surface coverage calcu-
uate proposals for land use plans and prepare recommendations. lations, and building setbacks, just to name a few. Additionally,
All this is necessary to process an application for a land devel- I would have to determine the parking requirements. How many
opment permit. off-street parking spaces are required? What are the isle widths?
Here s how it works. A property owner will come to me Is there enough room for backing space? Then, I would look at
who wants to start a business on a vacant commercially zoned the landscaping requirements. Plans would need to be drawn up
piece of property. First, we would have a discussion to find out by a landscape architect and list specifics about the location,
what type of commercial zoning the property is in and whether size, and types of plants that will be used.
or not the use is permitted or would require additional land By weighing all of these factors and measurements, I
use review. If the use is permitted and no further land use am able to determine the viability of a land development
review is required, I would let the applicant know what project. The basic ideas of linear programming are, fun-
criteria would have to be met and shown on building damentally, at the heart of this determination and are key
plans. At this point the applicant will begin working with to the day-to-day choices I must make in my profession.
their building contractor, architect, or engineer and land-
scape architect to meet the zoning code criteria. Once the

■ Explore & Discuss boxes, appearing throughout the main body of the text, offer
optional questions that can be discussed in class or assigned as homework. These
questions generally require more thought and effort than the usual exercises. They
may also be used to add a writing component to the class, giving students oppor-
tunities to articulate what they have learned. Complete solutions to
these exercises are given in the Instructor’s Solutions Manual.

EXPLORE & DISCUSS

1. Consider the amortization Formula (13):
Pi
R  
1  (1  i)n
Suppose you know the values of R, P, and n and you wish to determine i. Explain
why you can accomplish this task by finding the point of intersection of the
graphs of the functions
Pi
y1  R and y2  
1  (1  i)n
 PREFACE xiii

Real-Life Data Many of the applications are based on mathematical models (func-
tions) that the author has constructed using data drawn from various sources includ-
ing current newspapers and magazines, and data obtained through the Internet.
Sources are given in the text for these applied problems. In Functions and Linear
Models (Section 1.3), the modeling process is discussed and students are asked to
use a model (function) constructed from real-life data to answer questions about the
Market for Cholesterol-Reducing Drugs. Then in Section 1.5, students learn how to
construct the function used in that model by using the least-squares method. Hands-
on experience constructing models from other real-life data is provided by the exer-
cises that follow.

Exercise Sets The exercise sets are designed to help students understand and apply
the concepts developed in each section. Three types of exercises are included in
these sets:
■ Self-Check Exercises offer students immediate feedback on key concepts with
worked-out solutions following the section exercises.
■ New Concept Questions are designed to test students understanding of the basic
concepts discussed in the section and at the same time encourage students to
explain these concepts in their own words.
■ Exercises provide an ample set of problems of a routine computational nature fol-
lowed by an extensive set of application-oriented problems.

5.3 Self-Check Exercises

1. The Mendozas wish to borrow $100,000 from a bank to help 2. Harris, a self-employed individual who is 46 yr old, is setting
finance the purchase of a house. Their banker has offered the up a defined-benefit retirement plan. If he wishes to have
following plans for their consideration. In plan I, the $250,000 in this retirement account by age 65, what is the size
Mendozas have 30 yr to repay the loan in monthly install- of each yearly installment he will be required to make into a
ments with interest on the unpaid balance charged at savings account earning interest at 8 14 %/year? (Assume that
10.5%/year compounded monthly. In plan II, the loan is to be Harris is eligible to make each of the 20 required contribu-
repaid in monthly installments over 15 yr with interest on the tions.)
unpaid balance charged at 9.75%/year compounded monthly.
a. Find the monthly repayment for each plan. Solutions to Self-Check Exercises 5.3 can be found on
page 318.
b. What is the difference in total payments made under each
plan?

5.3 Concept Questions

1. Write the amortization formula. 2. Using the formula for computing a sinking fund payment,
a. If P and i are fixed and n is allowed to increase, what will show that if the number of payments into a sinking fund
happen to R? increases, then the size of the periodic payment into the sink-
b. Interpret the result of part (a). ing fund decreases.

5.3 Exercises
In Exercises 1–8, find the periodic payment R required to 12. S  120,000, r  4.5, t  30, m  6
amortize a loan of P dollars over t years with interest earned
at the rate of r%/year compounded m times a year 13. S  250,000, r  10.5, t  25, m  12
xiv PREFACE

5.3 Solutions to Self-Check Exercises

1. a. We use Equation (13) in each instance. Under plan I, b. Under plan I, the total amount of repayments will be
r 0.105 (360)(914.74)  329,306.40 Number of payments
P  100,000 i      0.00875
m 12  the size of each installment

n  (30)(12)  360 or $329,306.40. Under plan II, the total amount of repay-
Therefore, the size of each monthly repayment under plan ments will be
I is
(180)(1059.36)  190,684.80
100,000(0.00875)
R   or $190,684.80. Therefore, the difference in payments is
1  (1.00875)360
 914.74 329,306.40  190,684.80  138,621.60

or $914.74. or $138,621.60.
Under plan II,
2. We use Equation (14) with
r 0.0975
P  100,000 i      0.008125 S  250,000
m 12
i  r  0.0825 Since m  1
n  (15)(12)  180
n  20
Therefore, the size of each monthly repayment under plan
II is giving the required size of each installment as

Review Sections These sections are designed to help students review the material
in each section and assess their understanding of basic concepts as well as problem-
solving skills.
■ Summary of Principal Formulas and Terms highlights important equations and
terms with page numbers given for quick review.
■ New Concept Review Questions give students a chance to check their knowl-
edge of the basic definitions and concepts given in each chapter.
■ Review Exercises offer routine computational exercises followed by applied
problems.
■ New Before Moving On . . . Exercises give students a chance to see if they have
mastered the basic computational skills developed in each chapter. If they solve a
problem incorrectly, they can go to the companion Web site and try again. In fact,
they can keep on trying until they get it right. If students need step-by-step help,
they can utilize the iLrn Tutorials that are keyed to the text and work out similar
problems at their own pace.

CHAPTER 4 Summary of Principal Terms

TERMS
standard maximization problem (216) pivot column (220) standard minimization problem (244)
slack variable (217) pivot row (220) primal problem (244)
basic variable (218) pivot element (220) dual problem (244)
nonbasic variable (218) simplex tableau (220) nonstandard problem (260)
 PREFACE xv

CHAPTER 4 Before Moving On . . .


1. Consider the following linear programming problem: x y z u √ w P Constant
1
0 2 0 1 12 0 0 2
Maximize P  x  2y  3z
1 5
0 4 1 0 4 12 0 11
subject to 2x  y  z  3
1 1 0 0 34 1 0 2
x  2y  3z  1 4 2
13 1 1
3x  2y  4z  17 0 4 0 0 4 2 1 28
x 0, y 0, z 0 3. Using the simplex method, solve the following linear pro-
gramming problem:
Write the initial simplex tableau for the problem and identify
the pivot element to be used in the first iteration of the sim- Maximize P  5x  2y
plex method. subject to 4x  3y  30
2. The following simplex tableau is in final form. Find the solu- 2x  3y  6
tion to the linear programming problem associated with this x 0, y 0
tableau.

Technology Throughout the text, opportunities to explore mathematics through

technology are given.
■ Exploring with Technology Questions appear throughout the main body of the
text and serve to enhance the student s understanding of the concepts and theory
presented. Complete solutions to these exercises are given in the Instructor’s
Solutions Manual.

EXPLORING WITH TECHNOLOGY

Investments allowed to grow over time can increase in value surprisingly fast.
Consider the potential growth of $10,000 if earnings are reinvested. More specifically,
suppose A1(t), A2(t), A3(t), A4(t), and A5(t) denote the accumulated values of an invest-
ment of $10,000 over a term of t years, and earning interest at the rate of 4%, 6%, 8%,
10%, and 12% per year compounded annually.
1. Find expressions for A1(t), A2(t), . . . , A5(t).
2. Use a graphing utility to plot the graphs of A1, A2, . . . , A5 on the same set of
axes, using the viewing window [0, 20]  [0, 100,000].
3. Use TRACE to find A1(20), A2(20), . . . , A5(20) and interpret your results.

■ Using Technology Subsections that offer optional material explaining the use of
graphing calculators as a tool to solve problems in finite mathematics and to con-
struct and analyze mathematical models are placed at the end of appropriate sec-
tions. Once again many relevant applications with sourced data are introduced here.
These subsections are written in the traditional example exercise format, with
answers given at the back of the book. They may be used in the classroom if desired
or as material for self-study by the student. Illustrations showing graphing calcula-
tor screens and Microsoft Excel 2003 are extensively used. In many instances there
are alternative ways of entering data onto a spreadsheet and/or dialog box, but only
one method is presented here. Step-by-step instructions (including keystrokes) for
many popular calculators are now given on the disc that accompanies the text.
Written instructions are also given at the Web site.
xvi PREFACE

USING TECHNOLOGY
Amortizing a Loan
Graphing Utility
Here we use the TI-83 TVM SOLVER function to help us solve problems involving
amortization and sinking funds.

EXAMPLE 1 Finding the Payment to Amortize a Loan The Wongs are

considering obtaining a preapproved 30-year loan of $120,000 to help finance the
purchase of a house. The mortgage company charges interest at the rate of 8% per
year on the unpaid balance, with interest computations made at the end of each
month. What will be the monthly installments if the loan is amortized at the end of
the term?

Solution We use the TI-83 TVM SOLVER with the following inputs:
N  360 (30)(12)

TECHNOLOGY EXERCISES
1. Find the periodic payment required to amortize a loan of 8. Find the periodic payment required to accumulate $144,000
$55,000 over 120 periods with interest earned at the rate of over 120 periods with interest earned at the rate of 58%/
658%/period. period.
2. Find the periodic payment required to amortize a loan of 9. A loan of $120,000 is to be repaid over a 10-yr period
$178,000 over 180 periods with interest earned at the rate of through equal installments made at the end of each year. If
1

■ New Interactive Video Skillbuilder CD, in the back of every new text, contains
hours of video instruction from award-winning teacher Deborah Upton of
Stonehill College. Watch as she walks you through key examples from the text,
step by step giving you a foundation in the skills that you need to know. Each
example found on the CD is identified by the video icon located in the margin.

APPLIED EXAMPLE 3 Saving for a College Education As a savings

program toward Alberto s college education, his parents decide to deposit
$100 at the end of every month into a bank account paying interest at the rate
of 6% per year compounded monthly. If the savings program began when
Alberto was 6 years old, how much money would have accumulated by the time
he turns 18?

■ New Graphing Calculator Tutorial, by Larry Schroeder of Carl Sandburg

College, can also be found on the Interactive Video Skillbuilder CD and includes
step-by-step instructions, as well as video lessons.
 PREFACE xvii

■ Student Resources on the Web Students and instructors will now have access
to the following additional materials at the Companion Web site:
http://series.brookscole.com/tans
■ Review material and practice chapter quizzes and tests
■ Group projects and extended problems for each chapter
■ Instructions, including keystrokes, for the procedures referenced in the text for
specific calculators (TI-82, TI-83, TI-85, TI-86, and other popular models)

Other Changes in the Eighth Edition

■ Expanded Coverage of Mathematical Modeling In Linear Functions and
Mathematical Modeling, a discussion of the mathematical modeling process has
been added followed by a new applied example. Here students are asked to draw
conclusions from a model constructed from real-life data.
■ Using Technology subsections have been updated for Office 2003 and new
dialog boxes are now shown.
■ Other Changes Continuous compound interest is now covered in Section 5.1.
A discussion of the median and the mode has been added to Section 8.3.
■ A Revised Student Solutions Manual Problem-solving strategies and addi-
tional algebra steps and review for selected problems (identified in the Instructor’s
Solutions Manual) have been added to this supplement.

Teaching Aids
■ Instructor’s Solutions Manual includes solutions to all exercises. ISBN 0-534-
49215-0
■ Instructor’s Suite CD contains complete solutions to all exercises, along with
PowerPoint slide presentations and test items for every chapter, in formats com-
patible with Microsoft Office. ISBN 0-534-49291-6
■ Printed Test Bank, by Tracy Wang, is available to adopters of the book. ISBN
0-534-49216-9
■ iLrn Testing, available online or on CD-ROM. iLrn Testing is browser-based,
fully integrated testing and course management software. With no need for plug-
ins or downloads, iLrn offers algorithmically generated problem values and
machine-graded free response mathematics. ISBN 0-534-49217-7

Learning Aids
■ Student Solutions Manual, available to both students and instructors, includes
the solutions to odd-numbered exercises. ISBN 0-534-49218-5
■ WebTutor Advantage for WebCT & Blackboard, by Larry Schroeder, Carl
Sandburg College, contains expanded online study tools including: step-by-step
lecture notes; student study guide with step-by-step TI-89/92/83/86 and Microsoft
Excel explanations; a quick check interactive student problem for each online
example, with accompanying step-by-step solution and step-by-step TI-
89/92/83/86 solution; practice quizzes by chapter sections that can be used as elec-
tronically graded online exercises, and much more. ISBN for WebCT 0-534-
49219-3 and ISBN for Blackboard 0-534-49211-8
xviii PREFACE

Acknowledgments
I wish to express my personal appreciation to each of the following reviewers of this
Eighth Edition, whose many suggestions have helped make a much improved book.
Ronald Barnes Marna Mozeff
University of Houston Drexel University
Larry Blaine Deborah Primm
Plymouth State College Jacksonville State University
Candy Giovanni Michael Sterner
Michigan State University University of Montevallo
Joseph Macaluso
DeSales University

I also thank those previous edition reviewers whose comments and suggestions have
helped to get the book this far.

Daniel D. Anderson Michael W. Ecker

University of Iowa Pennsylvania State University,
Wilkes-Barre Campus
Randy Anderson
California State University—Fresno Bruce Edwards
University of Florida—Gainesville
Ronald D. Baker
University of Delaware Robert B. Eicken
Illinois Central College
Ronald Barnes
University of Houston—Downtown Charles S. Frady
Georgia State University
Frank E. Bennett
Mount Saint Vincent University Howard Frisinger
Colorado State University
Teresa L. Bittner
Canada College William Geeslin
University of New Hampshire
Michael Button
San Diego City College Larry Gerstein
University of California—Santa
Frederick J. Carter
Barbara
St. Mary’s University
David Gross
Charles E. Cleaver
University of Connecticut
The Citadel
Murli Gupta
Leslie S. Cobar
George Washington University
University of New Orleans
John Haverhals
Matthew P. Coleman
Bradley University
Fairfield University
Yvette Hester
William Coppage
Texas A & M University
Wright State University
Sharon S. Hewlett
Jerry Davis
University of New Orleans
Johnson State College
 PREFACE xix

Patricia Hickey Lloyd Olson

Baylor University North Dakota State University
Xiaoming Huang Wesley Orser
Heidelberg College Clark College
Harry C. Hutchins Lavon B. Page
Southern Illinois University North Carolina State University
Frank Jenkins James Perkins
John Carroll University Piedmont Virginia Community
Bruce Johnson College
University of Victoria Richard D. Porter
David E. Joyce Northeastern University
Clark University Sandra Pryor Clarkson
Martin Kotler Hunter College—SUNY
Pace University Richard Quindley
John Kutzke Bridgewater State College
University of Portland C. Rao
Paul E. Long University of Wisconsin
University of Arkansas Chris Rodger
Larry Luck Auburn University
Anoka-Ramsey Community College Robert H. Rodine
Sandra Wray McAfee Northern Illinois University
University of Michigan Thomas N. Roe
Gary MacGillivray South Dakota State University
University of Victoria Arnold Schroeder
Gary A. Martin Long Beach City College
University of Massachusetts— Donald R. Sherbert
Dartmouth University of Illinois
Norman R. Martin Ron Smit
Northern Arizona University University of Portland
Ruth Mikkelson John St. Clair
University of Wisconsin—Stout Matlow State Community College
Maurice Monahan Lowell Stultz
South Dakota State University Texas Township Campus
John A. Muzzey Francis J. Vlasko
Lyndon State College Kutztown University
James D. Nelson Lawrence V. Welch
Western Michigan University Western Illinois University
Ralph J. Neuhaus
University of Idaho
Richard J. O Malley
University of Wisconsin—Milwaukee
xx PREFACE

I also wish to thank my colleague, Deborah Upton, who did a great job preparing the
videos that now accompany the text and who helped with the accuracy check of the
text. Special thanks also go to Tracy Wang for preparing the PowerPoint slides and
the test bank, and to Tau Guo for his many helpful suggestions for improving the
text.
My thanks also go to the editorial, production, and marketing staffs of
Brooks/Cole: Curt Hinrichs, Danielle Derbenti, Ann Day, Sandra Craig, Tom
Ziolkowski, Doreen Suruki, Fiona Chong, Earl Perry, Jessica Bothwell, and Sarah
Harkrader for all of their help and support during the development and production
of this edition. Finally, I wish to thank Cecile Joyner of The Cooper Company and
Betty Duncan for doing an excellent job ensuring the accuracy and readability of this
Eighth Edition, Diane Beasley for the design of the interior of the book, and Irene
Morris for the cover design. Simply stated, the team I have been working with is out-
standing, and I truly appreciate all of their hard work and effort.
S. T. Tan
 About the Author

SOO T. TAN received his S.B. degree from Massachusetts

Institute of Technology, his M.S. degree from the
University of Wisconsin-Madison, and his Ph.D. from the
University of California at Los Angeles. He has published
numerous papers in Optimal Control Theory, Numerical
Analysis, and Mathematics of Finance. He is currently a
Professor of Mathematics at Stonehill College.

“By the time I started writing the first of what turned out
to be a series of textbooks in mathematics for students in
the managerial, life, and social sciences, I had quite a few years of experience teaching mathe-
matics to non-mathematics majors. One of the most important lessons I learned from my early
experience teaching these courses is that many of the students come into these courses with
some degree of apprehension. This awareness led to the intuitive approach I have adopted in
all of my texts. As you will see, I try to introduce each abstract mathematical concept through
an example drawn from a common, real-life experience. Once the idea has been conveyed, I
then proceed to make it precise, thereby assuring that no mathematical rigor is lost in this
intuitive treatment of the subject. Another lesson I learned from my students is that they have
a much greater appreciation of the material if the applications are drawn from their fields of
interest and from situations that occur in the real world. This is one reason you will see so
many exercises in my texts that are modeled on data gathered from newspapers, magazines,
journals, and other media. Whether it be the market for cholesterol-reducing drugs, financing a
home, bidding for cable rights, broadband Internet households, or Starbuck’s annual sales, I
weave topics of current interest into my examples and exercises, to keep the book relevant to
all of my readers.”

xxi
This page intentionally left blank
 1 Straight Lines and Linear
Functions

Which process should the

company use? Robertson Controls
Company must decide between two
manufacturing processes for its
Model C electronic thermostats. In
Example 4, page 44, you will see
how to determine which process will
be more profitable.

© Jim Arbogast/PhotoDisc

T HIS CHAPTER INTRODUCES the Cartesian coordinate system, a system

that allows us to represent points in the plane in terms of ordered pairs
of real numbers. This in turn enables us to compute the distance between
two points algebraically. We also study straight lines. Linear functions,
whose graphs are straight lines, can be used to describe many relationships
between two quantities. These relationships can be found in fields of study
as diverse as business, economics, the social sciences, physics, and medi-
cine. In addition, we see how some practical problems can be solved by
finding the point(s) of intersection of two straight lines. Finally, we learn
how to find an algebraic representation of the straight line that “best” fits
a set of data points that are scattered about a straight line.

1
2 1 STRAIGHT LINES AND LINEAR FUNCTIONS

1.1 The Cartesian Coordinate System

The Cartesian Coordinate System
The real number system is made up of the set of real numbers together with the usual
operations of addition, subtraction, multiplication, and division. We assume that you
are familiar with the rules governing these algebraic operations (see Appendix B).
Real numbers may be represented geometrically by points on a line. This line is
called the real number, or coordinate, line. We can construct the real number line
as follows: Arbitrarily select a point on a straight line to represent the number 0. This
point is called the origin. If the line is horizontal, then choose a point at a conve-
nient distance to the right of the origin to represent the number 1. This determines
the scale for the number line. Each positive real number x lies x units to the right of
0, and each negative real number x lies x units to the left of 0.
In this manner, a one-to-one correspondence is set up between the set of real
numbers and the set of points on the number line, with all the positive numbers lying
to the right of the origin and all the negative numbers lying to the left of the origin
(Figure 1).

Origin

x
4 3 2 1 0 1 2 3 4
FIGURE 1
The real number line
2 1
2
3 p

y
In a similar manner, we can represent points in a plane (a two-dimensional
space) by using the Cartesian coordinate system, which we construct as follows:
y-axis Take two perpendicular lines, one of which is normally chosen to be horizontal.
Origin
These lines intersect at a point O, called the origin (Figure 2). The horizontal line is
x called the x-axis, and the vertical line is called the y-axis. A number scale is set up
O x-axis
along the x-axis, with the positive numbers lying to the right of the origin and the
negative numbers lying to the left of it. Similarly, a number scale is set up along the
y-axis, with the positive numbers lying above the origin and the negative numbers
lying below it.
FIGURE 2
The Cartesian coordinate system Note The number scales on the two axes need not be the same. Indeed, in many
applications different quantities are represented by x and y. For example, x may rep-
resent the number of cell phones sold and y the total revenue resulting from the sales.
In such cases it is often desirable to choose different number scales to represent the
y
different quantities. Note, however, that the zeros of both number scales coincide at
y
the origin of the two-dimensional coordinate system.
P(x, y)
We can represent a point in the plane uniquely in this coordinate system by an
ordered pair of numbers that is, a pair ( x, y), where x is the first number and y the
second. To see this, let P be any point in the plane (Figure 3). Draw perpendiculars
x from P to the x-axis and y-axis, respectively. Then the number x is precisely the
O x
number that corresponds to the point on the x-axis at which the perpendicular
FIGURE 3 through P hits the x-axis. Similarly, y is the number that corresponds to the point on
An ordered pair in the coordinate plane the y-axis at which the perpendicular through P crosses the y-axis.
 1.1 THE CARTESIAN COORDINATE SYSTEM 3

Conversely, given an ordered pair (x, y), with x as the first number and y the sec-
ond, a point P in the plane is uniquely determined as follows: Locate the point on
the x-axis represented by the number x and draw a line through that point parallel to
the y-axis. Next, locate the point on the y-axis represented by the number y and draw
a line through that point parallel to the x-axis. The point of intersection of these two
lines is the point P (Figure 3).
In the ordered pair (x, y), x is called the abscissa, or x-coordinate, y is called
the ordinate, or y-coordinate, and x and y together are referred to as the coordi-
nates of the point P. The point P with x-coordinate equal to a and y-coordinate equal
to b is often written P(a, b).
The points A(2, 3), B(2, 3), C(2, 3), D(2, 3), E(3, 2), F(4, 0), and
G(0, 5) are plotted in Figure 4.

Note In general, (x, y) (y, x). This is illustrated by the points A and E in
Figure 4.

4
B( 2, 3) A(2, 3)
2 E(3, 2)

F(4, 0)
x
3 1 1 3 5

2
C( 2, 3) D(2, 3)
4
G(0, 5)
FIGURE 4 6
Several points in the coordinate plane

The axes divide the plane into four quadrants. Quadrant I consists of the points
P with coordinates x and y, denoted by P(x, y), satisfying x 0 and y 0; Quadrant
II, the points P(x, y), where x 0 and y 0; Quadrant III, the points P(x, y),
where x 0 and y 0; and Quadrant IV, the points P(x, y), where x 0 and
y 0 (Figure 5).

Quadrant II Quadrant I
( , +) (+, +)

x
O

Quadrant III Quadrant IV

(, ) (+, )
FIGURE 5
The four quadrants in the coordinate
plane
4 1 STRAIGHT LINES AND LINEAR FUNCTIONS

y The Distance Formula

One immediate benefit that arises from using the Cartesian coordinate system is that
P2(x 2, y2 ) the distance between any two points in the plane may be expressed solely in terms
of the coordinates of the points. Suppose, for example, (x1, y1) and (x2, y2) are any
d
two points in the plane (Figure 6). Then the distance d between these two points is,
by the Pythagorean theorem,
P1(x1, y1) 
d  œ(x 
2  x1)  
2
(y2 
y1)2
x For a proof of this result, see Exercise 45, page 9.

FIGURE 6 Distance Formula

The distance between two points in the
coordinate plane The distance d between two points P1(x1, y1) and P2(x2, y2) in the plane is
given by

d  œ(x 
2  x1)  
2
(y2 
y1)2 (1)

In what follows, we give several applications of the distance formula.

EXAMPLE 1 Find the distance between the points (4, 3) and (2, 6).
EXPLORE & DISCUSS
Refer to Example 1. Suppose Solution Let P1(4, 3) and P2(2, 6) be points in the plane. Then, we have
we label the point (2, 6) as P1
and the point (4, 3) as P2. x1  4 and y1  3
(1) Show that the distance d x2  2 y2  6
between the two points is the
same as that obtained earlier. Using Formula (1), we have
(2) Prove that, in general, the d  œ
[2  (
4)]2 
 (6 
3)2
distance d in Formula (1) is
independent of the way we label  œ
62  32
the two points. 
 œ45
 3œ5

APPLIED EXAMPLE 2 The Cost of Laying Cable In Figure 7, S rep-

resents the position of a power relay station located on a straight coastal high-
way, and M shows the location of a marine biology experimental station on a
nearby island. A cable is to be laid connecting the relay station with the experi-
mental station. If the cost of running the cable on land is $1.50 per running foot
and the cost of running the cable underwater is $2.50 per running foot, find the
total cost for laying the cable.
y (feet)

M(0, 3000)

FIGURE 7 x (feet)
The cable will connect the relay station O Q(2000, 0) S(10,000, 0)
S to the experimental station M.
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