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To determine which student reads faster and by how much, we need to compare their reading rates.
Student 1 has a reading rate of 300 words per minute according to the graph, while Student 2 has a reading rate of 250 words per minute according to the table.
Therefore, Student 1 reads faster than Student 2 by 50 words per minute (300 words per minute - 250 words per minute = 50 words per minute).