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.
Miller ended up recording not only Me and Bobby McGee, but also two other Kristofferson compositions, Best of All Possible Worlds and Darby's Castle, for his August 1969 album, Roger Miller. Me and Bobby McGee was released as a single in advance of the album and it peaked in the country Top 20.