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.
A company's explicit costs can include employee wages, payments made to purchase raw materials, business rent/mortgage payments and fees related to purchasing manufacturing equipment. Of these explicit costs, a business considers rent/mortgage payments and the cost of purchasing manufacturing equipment as fixed costs. Variable explicit costs include employee wages because the cost of paying workers increases as the business ramps up production. Equipment maintenance costs and utility payments for retail store locations can also increase as a business raises production levels.