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MathRevolution
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It is a work rate problem, so it follows the generic set up for those questions:

total amount of work/total amount of time = total amount of work/time for x to complete that work + total amount of work/time for y to complete that work

240/T = 240/X + 240/Y

Can simplify this by dividing by 240

1/T = 1/X + 1/Y

We want a single denominator on the right

1/T = (Y/Y)1/X + (X/X)1/Y
1/T = Y/XY + X/XY
1/T = (Y+X)/XY

Get the reciprocal both sides of the equation

T=XY/(Y+X)

Statement 1) this is exactly what we need
Statement 2) doesn't provide anything about Y
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I think this is a high-quality question and I agree with explanation.
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I always had a problem with these kind of questions until I realized below:

X: can deliver 240 units in X hours, and 1 hour it can deliver only 240/X
Y: can delivery 240 units in Y hours, and 1 hour it can deliver only 240/Y

Question asks how many hours required T, if they work together to deliver 240 units:

per hour productivity * total hours required (T) = production required

(240/X + 240/Y) * T = 240 => 240/X + 240/Y = 240/T => 1/X + 1/Y = 1/T
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A's rate of working 240/x
B's rate of working 240/y
Combined rate of working
= 240/x+ 240/y
= 240(1/x+1/y)
From first statement
Time to produce 240 pins working together
240/240(1/x+1/y)
=4 hours
Sufficient
Second statement is not required and it is not sufficient in itself. Hence answer is A

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