परिवर्तनशील प्रतिस्थापन लोच (VES) उत्पादन फलन कॉब-डगलस उत्पादन फलन में बदल जाता है जब आगतों के बीच प्रतिस्थापन की लोच (σ) किसके बराबर होती है?

The point at which the total product curve begins to flatten out indicates:

Which of the following statements regarding the Cobb-Douglas Production Function Q = A Lα Kβ are correct? I. The positive constants α and β represent the output elasticities of labor and capital, respectively. II. Constant returns to scale are achieved when α + β = 1. III. The function can be expressed in logarithmic form as ln(Q) = ln(A) + α ln(L) + β ln(K). IV. The constant 'A' represents total factor productivity or technological progress. Choose the most appropriate answer from the options given below: