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Question 7 1 pts Olivia tutored high school students to support herself through University. After she completed her studies in Education, she started her own business - SubjectAssist. Subject Assist offers tutoring to high school students online. By 2020, Olivia had recruited 25 tutors, offering 1-hour tutorials to students in her local area. Each year she prepares a budget and sets challenging but achievable targets for her business. Covid-19 lockdown and the ban on face-to-face teaching in local schools has led to a large increase in demand for online tutoring. Subject Assists planning and budgeting summary for the year ended 31 December 2021 are presented below. SubjectAssist Profit Variance Analysis For the year ended 30 December 2021 Average hourly rate received from students S/hour Average hourly rate paid to tutors (S/hour) Average number of tutorial hours per student Sales Volume tutorial hours) Number of students Number of tutors market share 2020 actual BUDGET variance FLEXEDBUDGET France ACTUAL 75 34 65 72 32 45 3750 5,110 5.831 5,831 160 130 32 33 5.25% S $ 354,741 52.550 17,299 49,969 187,268 333,442 45551 378.993 42.855421848 51,299 7008 SE307 7113 65.420 7,000 7.000 2.739 4.261 46,299 7.00 51, 107 61 159 Revende LESS variable costs Contribution margin Non variable costs Operating profit Size of personal tutoring market in Subject Assist's area Year ended December 2019 94.904 Year ended December 2020 93,005 Year ended December 2021 115,913 Olivia prepared the budget for 2021 in November 2020. At the time she estimated the size of the personal tutorial market in her area and used that estimate to prepare the budget. Her estimate would have been nearest to: 97714 hours 93 006 hours 94 904 hours 071429 hours