Mohitosh is a professor of economics who was earning $140,000 as a professor. After one too many requests for a grade increase, he decided to quit working as a professor and open a consulting firm. To do this, he cashes in his retirement fund of 850,000. he had been earning 11% on his retirement fund annually. His explicit costs of operating his firm in the first year are $850,000 and his revenues were $1,150,000. What is his economic profit if he earned $300,000 in accounting profit in his first year