1. Grease currently fetches a price of $300 per ton. To make one ton of grease, $80 worth of crude oil and $50 worth of emulsified soap is required. If it is assumed that $60 of domestic input is required to produce one ton of grease, what is the effective rate of protection (ERP) for domestically produced grease if the following tariffs exist:

   10% tariff on imported grease; 6% tariff on imported crude oil; and 5% tariff on imported emulsified soap.