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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) a revenue budget for the upcoming academic year. (3 marks) b) Determine the number of staff needed to cover classes. (3 marks) 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. (4 marks, maximum

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