The Chief Finance Officer has presented to the Board of Directors of a Public University the Annual Financial Report and Statement for approval. As a member of the Board, you have been asked to study the Financial Report and prepare a paper for further discussion at the next Board meeting. The University has a student population of 12,000 with 1,900 staff comprising of 1,000 academic staff and 900 Non Academic. In 2018, the University had 1600 staffs. The University has completed the construction of the main campus that will allow an increase of student capacity to 20,000. c) What would you consider as Fixed Costs for the University? Hint: consider a situation where the students have to be away from the campus for 1 year. Will the lecture halls be used, if not in use would the airconditions be turned on, and if they are not switched on, will your utilities electric bills be low