Solution: Both the statements are true.
Explanation: Here, Asymptotically faster means, time should be less but not more.
Statement-1:$ O(n^2)$ is lesser than$ O( n^2 log n). $So, statement-1 correct.
Statement-2: $O( 7 ^ n) $It is exponential. So, $O(n ^{50}) $is definitely lesser than $O( 7 ^ n)$