A bakery currently sells chocolate chip cookies at a price of $16/dozen. The marginal cost is $8/dozen. The cookies are becoming more popular with customers, and so the baker owner is considering raising the price to $20/dozen. About what percentage of customers can the bakery afford to lose beyond which the price increase becomes unprofitable? Note: It's conventional when not calculating elasticities to measure percentage changes relative to their initial value (\%\Delta X=\left(\frac{X_{new}-X_{old}}{X_{old}} ight)\times100\%%X=(XoldXnewXold)100%)

%)

A)72%

B)66.7%

C)33.3%

D)28.0%