These formulas indicate the various methods to compute the types of costs that you will encounter in this lesson. One formula that I can't give you in shorthand form is for implicit cost. Because this is an estimate and may vary among individuals. An example is in order. Implicit costs are the payments resources could have received were they employed in the next best alternative use.
Implicit cost is the alternative lost.
Economists want to be sure that they have evaluated all possible costs of any economic activity. Remember that economics provides means and techniques to economize on the use of scarce resources. Implicit cost is one of these techniques. The accountant does not enter these costs on the books of a company or individual income tax return. If you want to be a witness to a dialogue between two individuals to observe how implicit costs might be used and how they might not be used.