Jennifer is looking to sell her one-person Laser sail boat, which she has kept in excellent condition. Ordinarily this type of sail boat sells second-hand for $4,000 but as Jennifer has looked after hers extremely well, she will only want to sell it for $4,600. Tom is looking to buy a second-hand sail boat and is willing to pay up to $4,900 for a boat in excellent condition. Tom has no inexpensive way to determine whether Jennifer's boat is in good condition or not. Answer the following questions:

1. Thinking like an economist, would Tom definitely buy the boat from Jennifer?. Type Y for Yes or N for No.
2. What is the DWL as a result of the inefficiency caused by the asymmetric information, if Tom did not buy the boat at Jennifer's price? $. Answer to the nearest whole dollar (with no decimal places).
3. Over the next few months, if the proportion of sailboats on the market that are in poor condition rises from 78% to 86%, the second hand market for these sail boats best fits what description?. Type in M for Moral hazard, A for Asymmetric information, C for Competitive market, L for Lemons Model, P for Principal agent issue.