Since the 1 hour person types twice as fast, they would do 2/3 of the paper while the slower does 1/3, reducing the time by about 20 minutes. 60 minutes minus the 20 minutes gained from the slower typist would do the job in about 40 minutes.
Let us assume that one hour person(A) types 60 words in one hour,so his speed is 1word/min. While other person(B) speed is 0.5words per min. now lets assume when both A&B combined takes x minutes. so A can type x words and B can type 0.5x words and total words are 60 as assumed earlier. 1.5x=60,so time taken will be 40.