Given:
Diameter, \( D = 60 \, \text{mm} \)
Length, \( L = 400 \, \text{mm} \)
Cutting speed, \( V = 25 \, \text{m/min} \)
Feed, \( f = 0.2 \, \text{mm/rev} \)
Taylor's tool life constants: \( C = 75 \), \( n = 0.25 \)
Tool changing time, \( t_c = 3 \, \text{min} \)
Labor and overhead cost = ₹5/min
Step 1: Tool Life using Taylor's Equation
\[
VT^n = C \quad \Rightarrow \quad T = \left( \frac{C}{V} \right)^{\frac{1}{n}}
= \left( \frac{75}{25} \right)^{\frac{1}{0.25}} = (3)^4 = 81 \, \text{min}
\]
Step 2: Machining Time per Piece
\[
N = \frac{1000 \cdot V}{\pi \cdot D}
= \frac{1000 \cdot 25}{\pi \cdot 60} \approx 132.63 \, \text{rev/min}
\]
\[
t_m = \frac{L}{f \cdot N}
= \frac{400}{0.2 \cdot 132.63} \approx \frac{400}{26.526} \approx 15.08 \, \text{min}
\]
Step 3: Number of Pieces per Tool Life
\[
\text{Pieces per tool} = \frac{T}{t_m} = \frac{81}{15.08} \approx 5.37
\]
Step 4: Tool Changing Cost per Piece
\[
\text{Cost per change} = t_c \times \text{Cost/min} = 3 \times 5 = ₹15
\]
\[
\text{Cost per piece} = \frac{15}{5.37} \approx ₹2.79
\]
Final Answer: ₹2.79