Douglas had a full-time job as a engineer for a tech company making $100,000 per year. After a few years he determined that he couldn't stare at a digital screen for another minute and left his job to open up a mobile dog grooming business. He has a $15,000 per year lease on his van and spends $10,000 per year on supplies, equipment, and marketing. His annual revenue is $75,000.

Assuming these numbers are complete and accurate, what is Douglas's accounting profit?

Assuming these numbers are complete and accurate, what is Douglas's economic profit?