Square Integrable Functions Formula

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The book reads as follows:

"Let $a(x)$ and $b(x)$ be square integrable functions defined on [$a , b$]. First we note that it follows from the elementary inequality

$|ab| \le 1/2 (a^2 + b^2)$

that the function $|ab|$ is integrable."

Where does this function come from? How do I derive it? Does it have to do with the Schwarz Inequality? What does this equation imply about square integrable functions and absolutely integrable functions?