You graduated from Purdue a few years ago and decided to open your own engineering consulting firm. Over the past year your consulting firm generated $850,000 in revenue. You hired 2 engineers that year and paid each of them a salary of $110,000. The equipment they used to do their jobs that year cost a total of $25,000. You inherited a warehouse from a relative that you are Macmillan Learning using as your location for your firm, but had previously rented this space to another company for $10,000. Had you not opened this business, you could have gone to work for another consulting firm and earned $120,000. What were your accounting profits over the past year? Acct. Profit = $ What is your economic profit over the past year? Economic Profit = $