An economy has a production given by Y = K^0.25*N^0.75.
a. What king of returns to scale does the production function represent?
b. Find an expression for outpur per worker
c. What are the shares of labor and capital in the total output
d. Find and expression for capital per worker at the steady state
e. Solve for the steady-state output per worker when d = 0.08 and the savings rate = 0.25
f. plot the steady state capital per worker as the savings rate goes from 0.05 to 0.50 in 0.05 increments.
g. plot the growth rate of capital per worker for part e above