The opportunity cost of an activity. Implicit costs are what a company or individual could have earned had a different decision been made. For example, suppose an independent consultant has two clients and she spends some time working on the first client's project.
November 23, 1992. Bobby Russell, 52, who wrote such song hits as Little Green Apples, Honey and The Night the Lights Went Out in Georgia.. Little Green Apples, recorded by Roger Miller, O.C. Smith and Patti Page, won Grammy awards in 1968 for song of the year and best country song. That same year, Honey, recorded by Bobby Goldsboro, was voted song of the year by the Country Music Assn.
âBut then [keyboardist] Mike [Pinder] said, âPlay it again,â so I did. I sang âNights in white satinâ¦ â and he did that little âda da da-da-da-da-daaaâ on the Mellotron. Then everybody seemed to get interested; it made sense to them. The song, along with the album Days Of Future Passed, came out in 1967, during the height of The Beatlesâ Sgt. Pepper period.