Question 9 3 pts Cost Analysis A small machine shop manufactures drill bits used in the petroleum industry. Based on additional data, the manager estimates that the total daily cost in dollars) of producing k bits is the cost function... C(X) = 1600+ 0.22x2 where is the number of bits produced and $1600 is the daily fixed cost and $0.22X is the variable cost per unit. The manager has set a production goal to produce the number of bits per day which will keep the average cost per bit as low as possible. Find the production level (ie, value of X) that will generate the minimum average cost per unit. (Round your answer to the nearest whole number) Question 10 3 pts Cost Analysis A small machine shop manufactures drill bits used in the petroleum industry. The manager estimates that the total daily cost in dollars) of producing Xbits is the cost function... CIX) = 1600+ 0.24x2 where X is the number of bits produced and $1600 is the daily fixed cost and $0.24X is the variable cost per unit. The manager has set a production goal to produce the number of bits per day which will keep the average cost per bit as low as possible. Find the minimum average cost per unit. (Round your answer to 2 decimal places, if necessary)