Concept:
In the economics of machining operations, the total cost per component is composed of several factors that vary with cutting speed (\( V \)):
\[
\text{Total Cost} = \text{Machining Cost} + \text{Tooling Cost} + \text{Handling/Setup Cost}
\]
Step 1: Analyze the behavior of Machining Cost with respect to speed.
Machining cost is directly proportional to the time required to cut the feature:
\[
\text{Machining Cost} \propto \text{Machining Time} (t_m)
\]
As the cutting speed \( V \) increases, the material removal rate (MRR) increases, which shortens the time required to complete the operation (\( t_m \)). Because less time is spent on the machine tool per part, the direct machining cost decreases.
Step 2: Analyze the behavior of Tooling Cost with respect to speed.
According to Taylor's tool life equation (\( V T^n = C \)), raising the cutting speed exponentially shortens the tool life (\( T \)). As a result, the tool wears out faster, requiring more frequent tool changes, insert indexing, and higher replacement tool expenditures. Consequently, the tooling cost increases.