I am trying to find the asymptotes of the hyperbola $\frac{1}{2} + \frac{y}{5} + \lambda x(\frac{1}{2} + \frac{x}{10} + \lambda y) = 0$.
I read through the answer here , but the equation of the hyperbola involves $x,x^2,y,y^2$ and constants but the equation I have written has a term of $xy$ too, due to which I am unable to convert the equation into the standard form.
Any help on how to find the asymptotes of the hyperbola.
One can express $y$ as a function of $x$ (I have taken $a$ instead of $\lambda$) :
$$y =-\dfrac{ax^2 + 5ax + 5}{10 a^2 x + 2}\tag{1}$$
Thus you have a vertical asymptote with equation $x=-\tfrac{1}{5a^2}$.
The equation of the second asymptote is obtained thanks to the decomposition of (1) into partial fractions :
$$y=Ax+B+\dfrac{C}{10 a^2 x + 2}$$
$y=Ax+B$ will be the equation of this slant asymptote because $\dfrac{C}{10 a^2 x + 2}$ tends to $0$ when $|x| \to \infty$.
One finds $A=-\frac{1}{10a}$ and $B=-\frac{1}{2a}+\frac{1}{50a^3}$.
Fig. 1 : Cases $a=-3$ to $a=3$ with a step $0.5$. The only case where one hasn't a hyperbola is $a=0$ : it is the horizontal line $y=\tfrac{5}{2}$.
Remark : you couldn't get a formula of the form :
$$\dfrac{(x-x_0)^2}{a^2}-\dfrac{(y-y_0)^2}{b^2}=1$$
This form is valid, up to a rotation and a translation, iff asymptotes make a 90° angle, which is not the case here.