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.
Implicit costs also show the difference between economic profit and accounting profit. Economic profit means the total revenues less total costs where the total of implicit and explicit costs is total costs.Accounting profit means total revenues less explicit costs. As the economic profit also consists of the opportunity costs, so it will either be equal or less than the accounting profit.sually, cost is divided into two categories â implicit cost and explicit cost. Definition of implicit cost. Implicit cos t in economics, means the opportunity cost that is equal to what that has to be given up by a firm for using factors that it neither hires nor purchases.