Let's prove that α = 1 2 \alpha = \frac{1}{2} α = 2 1 works. Then the following inequality should hold for all positive real numbers x x x and y y y :
x + y 2 ≥ 1 2 x y + 1 2 x 2 + y 2 2 ⇔ ( x + y ) 2 ≥ x y + x 2 + y 2 2 + 2 x y ⋅ x 2 + y 2 2 ⇔ ( x + y ) 2 ≥ 4 x y ⋅ x 2 + y 2 2 ⇔ ( x + y ) 4 ≥ 8 x y ( x 2 + y 2 ) ⇔ ( x − y ) 4 ≥ 0 \begin{aligned}
\frac{x+y}{2} &\ge \frac{1}{2}\sqrt{xy} + \frac{1}{2}\sqrt{\frac{x^2+y^2}{2}} \\
\Leftrightarrow (x+y)^2 &\ge xy + \frac{x^2+y^2}{2} + 2\sqrt{xy \cdot \frac{x^2+y^2}{2}} \\
\Leftrightarrow (x+y)^2 &\ge 4\sqrt{xy \cdot \frac{x^2+y^2}{2}} \\
\Leftrightarrow (x+y)^4 &\ge 8xy(x^2+y^2) \\
\Leftrightarrow (x-y)^4 &\ge 0
\end{aligned} 2 x + y ⇔ ( x + y ) 2 ⇔ ( x + y ) 2 ⇔ ( x + y ) 4 ⇔ ( x − y ) 4 ≥ 2 1 x y + 2 1 2 x 2 + y 2 ≥ x y + 2 x 2 + y 2 + 2 x y ⋅ 2 x 2 + y 2 ≥ 4 x y ⋅ 2 x 2 + y 2 ≥ 8 x y ( x 2 + y 2 ) ≥ 0
which is true, so we showed that α = 1 2 \alpha = \frac{1}{2} α = 2 1 actually works.
Now it remains to show that α ≥ 1 2 \alpha \ge \frac{1}{2} α ≥ 2 1 . Let's consider x = 1 + ε x = 1 + \varepsilon x = 1 + ε and y = 1 − ε y = 1 - \varepsilon y = 1 − ε where ε < 1 \varepsilon < 1 ε < 1 . Then the inequality becomes
1 ≥ α 1 − ε 2 + ( 1 − α ) 1 + ε 2 , i.e. 1 \ge \alpha\sqrt{1-\varepsilon^2} + (1-\alpha)\sqrt{1+\varepsilon^2}, \text{ i.e.} 1 ≥ α 1 − ε 2 + ( 1 − α ) 1 + ε 2 , i.e. α ≥ 1 + ε 2 − 1 1 + ε 2 − 1 − ε 2 . \alpha \ge \frac{\sqrt{1+\varepsilon^2}-1}{\sqrt{1+\varepsilon^2}-\sqrt{1-\varepsilon^2}}. α ≥ 1 + ε 2 − 1 − ε 2 1 + ε 2 − 1 .
Notice that
1 + ε 2 − 1 1 + ε 2 − 1 − ε 2 = ( 1 + ε 2 − 1 ) ( 1 + ε 2 + 1 ) ( 1 + ε 2 + 1 − ε 2 ) ( 1 + ε 2 − 1 − ε 2 ) ( 1 + ε 2 + 1 − ε 2 ) ( 1 + ε 2 + 1 ) = ε 2 ( 1 + ε 2 + 1 − ε 2 ) 2 ε 2 ( 1 + ε 2 + 1 ) = 1 + ε 2 + 1 − 1 + 1 − ε 2 2 ( 1 + ε 2 + 1 ) = 1 2 − 1 − 1 − ε 2 2 ( 1 + ε 2 + 1 ) = 1 2 − ( 1 − 1 − ε 2 ) ( 1 + 1 − ε 2 ) 2 ( 1 + ε 2 + 1 ) ( 1 + 1 − ε 2 ) = 1 2 − ε 2 2 ( 1 + ε 2 + 1 ) ( 1 + 1 − ε 2 ) > 1 2 − ε 2 4 ( 1 + 2 ) . \begin{align*}
\frac{\sqrt{1+\varepsilon^2}-1}{\sqrt{1+\varepsilon^2}-\sqrt{1-\varepsilon^2}} &= \frac{(\sqrt{1+\varepsilon^2}-1)(\sqrt{1+\varepsilon^2}+1)(\sqrt{1+\varepsilon^2}+\sqrt{1-\varepsilon^2})}{(\sqrt{1+\varepsilon^2}-\sqrt{1-\varepsilon^2})(\sqrt{1+\varepsilon^2}+\sqrt{1-\varepsilon^2})(\sqrt{1+\varepsilon^2}+1)} \\
&= \frac{\varepsilon^2(\sqrt{1+\varepsilon^2}+\sqrt{1-\varepsilon^2})}{2\varepsilon^2(\sqrt{1+\varepsilon^2}+1)} = \frac{\sqrt{1+\varepsilon^2}+1-1+\sqrt{1-\varepsilon^2}}{2(\sqrt{1+\varepsilon^2}+1)} \\
&= \frac{1}{2} - \frac{1-\sqrt{1-\varepsilon^2}}{2(\sqrt{1+\varepsilon^2}+1)} = \frac{1}{2} - \frac{(1-\sqrt{1-\varepsilon^2})(1+\sqrt{1-\varepsilon^2})}{2(\sqrt{1+\varepsilon^2}+1)(1+\sqrt{1-\varepsilon^2})} \\
&= \frac{1}{2} - \frac{\varepsilon^2}{2(\sqrt{1+\varepsilon^2}+1)(1+\sqrt{1-\varepsilon^2})} \\
&> \frac{1}{2} - \frac{\varepsilon^2}{4(1+\sqrt{2})}.
\end{align*} 1 + ε 2 − 1 − ε 2 1 + ε 2 − 1 = ( 1 + ε 2 − 1 − ε 2 ) ( 1 + ε 2 + 1 − ε 2 ) ( 1 + ε 2 + 1 ) ( 1 + ε 2 − 1 ) ( 1 + ε 2 + 1 ) ( 1 + ε 2 + 1 − ε 2 ) = 2 ε 2 ( 1 + ε 2 + 1 ) ε 2 ( 1 + ε 2 + 1 − ε 2 ) = 2 ( 1 + ε 2 + 1 ) 1 + ε 2 + 1 − 1 + 1 − ε 2 = 2 1 − 2 ( 1 + ε 2 + 1 ) 1 − 1 − ε 2 = 2 1 − 2 ( 1 + ε 2 + 1 ) ( 1 + 1 − ε 2 ) ( 1 − 1 − ε 2 ) ( 1 + 1 − ε 2 ) = 2 1 − 2 ( 1 + ε 2 + 1 ) ( 1 + 1 − ε 2 ) ε 2 > 2 1 − 4 ( 1 + 2 ) ε 2 .
As ε \varepsilon ε can be arbitrarily small this expression can get arbitrarily close to 1 2 \frac{1}{2} 2 1 . This means that α < 1 2 \alpha < \frac{1}{2} α < 2 1 cannot hold, as desired.