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.
In 1976 Kenny Rogers revived the hit as a country song. Smith changed the first part of his name to O.C. and recorded the Bobby Russell-written song Little Green Apples, which went to number 2 on the Billboard Hot 100 and won Russell the 1969 Grammy Award for Song of the Year. It received a gold record from the R.I.A.A. for sales of one million records.