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Estimating the financial return on a veterinary education
Economics is a social science that, among other things, attempts to describe human behavior. An important concept in this regard is utility, which economists define as the total satisfaction received from consuming a good or service. Utility can perhaps be most easily understood as a measure of happiness and consists of a combination of tangible and intangible benefits.
A basic assumption underlying many economic analyses is that people attempt to maximize utility. Consider, for example, an individual who is trying to decide whether to pursue a veterinary degree. The primary tangible benefit of this additional schooling is the increased income
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This article has not undergone external peer review.
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