Given below are the two statements. One is labelled as Assertion (A) and the other is labelled as Reason (R). Assertion (A): Losch believed that price increase is the result of transport cost and by rotating the demand curve around the production point 'P', the shape of the market area is seen to be circular. Reason (R): Losch treated each function having a separate range, threshold and hexagonal hinterland. Select the correct answer from option given below:

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