About Alicia Keys. Alicia Keys can be described as a modern-day Renaissance woman. A 12-time Grammy Award-winning singer/songwriter/producer, Keys is also an accomplished actress, a New York Times best-selling author, an entrepreneur and a powerful force in the world of philanthropy and in the global fight against HIV and AIDS.
Implicit costs can also be thought of as intangible costs that are not easily accounted for. For example, the time and effort that an owner puts into the maintenance of the company, rather than working on expansion, can be viewed as an implicit cost of running the business.
Share this set. Total revenue equals the quantity of output the firm produces times the price at which it sells its output. Wages and salaries paid to workers are an example of implicit costs of production. If total revenue is $100, explicit costs are $50, and implicit costs are $30, then accounting profit equals $50. If there are implicit costs of production, accounting profits will exceed economic profits. When a production function gets flatter, the marginal product is increasing.