If $PN$ is the perpendicular from a point on a rectangular hyperbola $x^2-y^2=a^2$ on any of its asymptotes, then find the locus of the midpoints of $PN.$
On drawing a rough sketch of the graph, I find that it is a rectangular hyperbola. Let a point $P$ on the hyperbola be ($\mathrm{asec\theta} , \mathrm{atan\theta}$). Asymptotes are $x^2=y^2$, that is, $y=x$ and $y=-x$.
So the distance $r$ of $P$ from $y=x$ is $\frac{a|sec\theta- tan\theta|}{\sqrt{2}}$
Now using the formula $x_1= h +rcos\theta \mathrm{\:and\:} y_1= k+sin\theta$, where $sin\theta=\frac{1}{\sqrt{2}}$ and $cos\theta=-\frac{1}{\sqrt{2}}$,
I can find the midpoint in terms of original coordinates, and hence put it in the original equation to get the locus. But this is a long method and I'm looking for an elegant way.
This problem gets easier when you rotate the hyperbola $45^\circ$ so that its equation is $$x y = \frac12a^2 \tag{1}$$ whose asymptotes are simply the $x$- and $y$-axes. For $P=(p,q)$ on the curve, the midpoints to those axes are, respectively, $P_x(p/2,q)$ and $P_y(p,q/2)$, which satisfy $$x y = \frac12 p q = \frac14a^2 \tag{2}$$ Rotating back, we get the "standard form" equation to be $$x^2 - y^2 = \frac12 a^2 \tag{3}$$