The production function of an imaginary country Wattland is given by: Y = AK N 1 , where A = 0.75 and = 0.4. K denotes the value of capital and N denotes the number of workers in the economy. Based on this information, answer the following: a) Is the production function of Wattland characterized by constant returns to scale? If yes, explain. (2 points) b) There increasing returns to either of capital or labor? True or False. In either case, explain. . (3 points) c) Derive an expression for the steady-state capital per worker and the consequent steady-state output per worker in terms of s and (savings rate and the rate of depreciation, respectively). Solve for the steady-state output per worker when s = 0.25 and = 0.10. (5 points) d) Suppose that in the year 2022, the people of Wattland start saving at a higher rate, i.e., 30% of the output. What is the new steady-state output per worker? What is the capital per worker in the year 2025 and the corresponding output per worker? (5 points) e) Derive an expression for the steady state consumption per worker. State all the assumptions clearly. (2 points) f) What, in your understanding, is meant by Golden-Rule level of capital? Determine the saving rate that would maximize steady-state consumption per worker.