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Could you give me some examples of when overfitting and underfitting might occur in real-world scenarios? How do these impact the accuracy and performance of the model?

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Interview question asked to Machine Learning Engineers interviewing at BetterUp, Huawei, SAP Concur and others: Could you give me some examples of when overfitting and underfitting might occur in real-world scenarios? How do these impact the accuracy and performance of the model?.