Problem 4 [4 points) Grease, Inc. is a producer of a variety of machined parts. The company has recently purchased an automatic machining center to economically produce a new product GTIUU. The machining center operates as follows: There are two machining stages involved in the production of GTIUUs. The machining center performs both stages. After the rst stage, an automatic inspection takes place. Depending on the result of the inspection, either stage 1 is repeated, or the product is scrapped {with probability 0.05), or stage 2 is undertaken (with probability 0.85). After stage 2 is completed, the product is unloaded from the machine and a new raw material stock is loaded for machining (which will begin with stage 1}. Similarly, if a product is scrapped after stage 1, it is removed from the machine, a new raw material stock is loaded, and the machining cycle begins from stage 1. Both machining stages take the same amount of time (60 seconds). The inspection time after stage 1 is negligible. The operation of unloading a product (finished or defective) from the machine and loading a new raw material stock takes about 1 minute. Model this situation as a Markov chain. This problem will be continued on Assignment 4. The objective will be to the determine the long-run hourly production rate and prot [addressing both revenue and costs)