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South Hampton University is preparing its budget for the upcoming

academic year. This is a specialised private university that charges fees for all degree courses. Currently, 30,000 students are enrolled on campus. However, the university is forecasting a 5 per cent growth in student numbers in the coming year, despite an increase in fees to $3,000 per subject. The following additional information has been gathered from an examination of university records and conversations with university managers:
 South Hampton is planning to award scholarships to 200 students, which will cover their fees.
 The average class has 80 students, and the typical student takes 4 subjects per semester. South Hampton operates 2 semesters per year.
 The average academic staff salary is $120,000 per annum including on-costs.
 South Hampton's academic staff are evaluated on the basis of teaching, research, administration and professional/community service. Each of the academic staff teaches the equivalent of three subjects during the academic year.
Required:
a) Preparing revenue budget for the upcoming academic year.
b) Determine the number of staff needed to cover classes.
c) Assume there is a shortage of full-time academic staff. List at least five actions that South Hampton might take to accommodate the growing student numbers.

Step-by-step answer

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