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.
Foregone rent = $2000. Economic Profit = $12000. Summing Up: (a) Accounting profit is the firm's total revenue less its explicit costs (b) Economic profit to the economist is the total revenue of a firm less explicit and implicit cost. Implicit cost includes normal profit to attract and retain an entrepreneur engaged in the present line of production.