Rani is considering the possibility of obtaining a two year master degree from an institute. In order to do this however she must give up her job that pays a salary of 2,40,000 per year. Living cost whether she goes on for the degree or not, are estimated at 1,50,000 per annum. however the cost of tuition and books at the institute will amount to 50,000. 

 Questions

What is the opportunity cost if rani decides to go for degree and what is the sunk cost in this case. 

Identify the differential costs in this decision?