In a given production process, each item goes through two manufacturing stages. At the end of each stage, they are reprocessed in the same stage with probability 0.2, discarded with probability 0.10, or passed to the next stage with probability 0.70. The processing cost per item in stage 1 is $2000 and $1000 in stage 2. The processing cost for each item is $200 in stage 1 and $300 in stage 2. 

1) perform markov chain 

2) Make matrices

Answer rating: 100% (QA)

To perform a Markov chain analysis for the given production process we need to define the states transition probabilities and costs associated with ea... View the full answer