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.
The depreciation of capital assets for a year may be another $10,000. The total implicit costs thus come to $70,000 + $10,000 + $10,000 = $90000. Subtracting this implicit cost of $90,000 from the accounting profit of $50,000 means that the company actually makes a loss of $40,000 for the year in this example.