Summation notation conversion to multiplication in attached equation.. How? Please explain.

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Can any one please tell me how summation sign has been changed to multiplication in 2nd and 3rd equation and inequality also changed to equal sign.

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This is just using the fact that $\log(a\cdot b) = \log a + \log b$ (true for any particular base of the logarithm). Stated more generally, it becomes $\log \prod_{\alpha}x_{\alpha} = \sum_{\alpha}\log x_{\alpha}$.

That particular law of logarithms is a restatement of the fact that $x^u\cdot x^v = x^{u+v}$.