**Concept: The question tests on the area of Geometry**

**Solution:**

The figure can be broken into 2 parts, the cylinder + the cone.

For the cylinders volume, we need the base radius and height of the cylinder.

For the cones volume, we need the base area and height of the cone.

From the figure the base radius is the same for the cone and the cylinder.**Statement 1:** The radius of the cylindrical base is 8 inches.

This statement only gives us the base radius of the cone and the cylinder. The height is unknown.

Statement 1 is insufficient. Answer options could be B, C or E.**(Insufficient)****Statement 2: **The height of the cylinder as well as of the cone in the figure is 30 inches each.

This statement alone only gives us the height of both the cylinder and the cone. Base radius is unknown.

Statement 2 is insufficient. Answer options could be C or E. **(Insufficient)****Combining Both statements: **This gives us sufficient information to get the required answer.**(Option C)**