Suppose an economy's production function is given by Y = 2K^0.5N^0.5(population growth and technological progress are held constant and don't play a role)

a. Is this production function characterized by constant returns to scale? Explain.

b. Calculate the relation between output per worker and capital per worker.

c. Solve for the steady state of capital and output per worker when s = 0.3 and = 0.15.

d. Describe what happens - in the short and longer run - to consumption if the saving rate (s) increases to 0.4