Answer: The answer is 1833 heads and 11 hours, 11 minutes.
Step-by-step explanation: Given that the Magic Dragon has 2013 heads. The brave Leo is cutting off the Dragon's heads at a speed of 5 heads per minute. But, the Dragon's heads are growing back at a speed of 2 heads per minute.
So, the number of heads of Dragon that are decreasing per minute = 3.
Therefore, after 1 hour, i.e., 60 minutes, The number of heads of the Dragon
= 2013 - 60 × 3 = 2013 - 180 = 1833 heads.
Now, the fight will last until all the heads of the Dragon are cut. Let the fight lasts for 'x' minutes, then

Hence the fight lasts for 671 minutes, i.e., 11 hours and 11 minutes.
Thus, the Dragon will have 1833 heads after 1 hour and the fight will last for 11 hour and 11 minutes.