Find $\lambda^{2}(A)$ whereby $A:=\{(x,y)\in \mathbb R^{2}: x<y,y<2,y>\frac{1}{x}\}$
I am struggling to find suitable restrictions.
Possible ideas:
Looking at restrictions:
$\frac{1}{x} < y < 2$ and therfore $1 < x < 4$
$\int_{1}^{4}\int_{\frac{1}{x}}^{2}1dydx=(2-\frac{1}{x})(4-1)$
Is this correct?

Your answer is wrong because it should be a constant which does not depend on $x$ as @BigbearZzz pointed out. Note that we can write $$A=\{(x,y)\in\mathbb{R}^2\;|\;\max\{x,\frac{1}{x}\}<y<2\}.$$ As @Ingix pointed out, if we allow $x$ to be negative, then $(-\infty,0)\times [0,2)$ is contained in $A$ and thus we have $\lambda_2(A)=\infty$. So I'll presume that $x$ is always positive.
To evaluate the volume of $A$, we can write $$\begin{eqnarray} \lambda_2(A)&=&\int_A1\; dxdy\\ &=&\int_{x>0, \max\{x,\frac{1}{x}\}<y<2}1\; dxdy. \end{eqnarray}$$ Note that the range of $x$ for which $\max\{x,\frac{1}{x}\}<2$ is $\frac{1}{2}<x<2$. We can see this by solving $0<x<2$ and $0<\frac{1}{x}<2$. By Fubini-Tonelli's theorem the given integral is $$\begin{eqnarray} \int_{x>0, \max\{x,\frac{1}{x}\}<y<2}1\; dxdy&=&\int_{\frac{1}{2}<x<2}\left[\int_{\max\{x,\frac{1}{x}\}}^2 1\; dy\right]dx\\ &=&\int_{\frac{1}{2}<x<2}\left(2-\max\{x,\frac{1}{x}\}\right)dx\\ &=&\int_\frac{1}{2}^1\left(2-\max\{x,\frac{1}{x}\}\right)dx+\int_1^2\left(2-\max\{x,\frac{1}{x}\}\right)dx\\ &=&\int_\frac{1}{2}^1\left(2-\frac{1}{x}\right)dx+\int_1^2\left(2-x\right)dx\\ &=&1-\left[\log x\right]\Big|^1_{\frac{1}{2}}+2-\left[\frac{1}{2}x^2\right]\Big|^2_1\\ &=&\frac{3}{2}-\log 2. \end{eqnarray}$$ Thus $\lambda_2(A)=\frac{3}{2}-\log 2$.