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.
Honey by Bobby Goldsboro. This song was written by Bobby Russell, who got the idea for the song when he noticed how much a tree in his front yard had grown in four years. He also wrote Little Green Apples for O.C. Smith (#2, 1968), and The Joker Went Wild for Brian Hyland (#20, 1966).