Which of the following statement/statements are true? Statement 1: LRAC is U shaped due to returns to scale. Statement 2: SMC is inverse U shaped due to law of variable proportion.

Both the statements are true. Both the statements are false. Statement 1 is true and Statement 2 is false Statement 2 is true and Statement 1 is false

Statement 1 is true and Statement 2 is false

LRAC is U shaped due to returns to scale. SMC is also U shaped due to law of variable proportion.