I have some questions please answer in YOUR OWN WORDS and GIVE AN EXPLANATION I’ll be giving points and marking you as brainliest If it’s well done 1. What is knowledge as a factor of production
2. Why should knowledge be considered a factor of production?
3. What would the renumeration be and why? (Eg. Capital is interest, etc)
4. Post coronavirus impact of factors of production.

Your company is starting a new r& d initiative: a development of a new drug that dramatically reduces the addiction to smoking. the expert team estimates the probability of developing the drug succesfully at 60% and a chance of losing the investment of 40%. if the project is successful, your company would earn profits (after deducting the investment) of 9,000 (thousand usd). if the development is unsuccessful, the whole investment will be lost -1,000 (thousand usd). your company's risk preference is given by the expected utility function: u(x) v1000 +x, where x is the monetary outcome of a project. calculate the expected profit of the project . calculate the expected utility of the project . find the certainty equivalent of this r& d initiative . find the risk premium of this r& d initiative e is the company risk-averse, risk-loving or risk-neutral? why do you think so?