If I am asked to solve a systems of equation, how would I know which method (substitution, or elimination) to use? What set of conditions should I be looking for, or is it that either method should in theory work?
Then say that I am given the following system of equation, but neither substituion nor elimination produces the correct result (based on what I have did thus far)
$xy = 4$
$2x - y - 7 = 0$
How would I go on about solving this type of one?
Solve for one variable using the second equation. Let's solve for $y$: $$2x - y - 7 = 0 \iff y = 2x - 7$$
Now plug $y = 2x - 7$ into $xy = 4$ to get a quadratic in $x$:
$$xy = 4 \iff x(2x - 7) = 4 \iff 2x^2 - 7x - 4 = 0 \iff (2x + 1)(x - 4) = 0$$
If the factoring isn't immediately apparent, you can use the quadratic formula to obtain two solutions: $x = -1/2$ or $x = 4$.
Then you go back to your equation for $y$ to find the corresponding $y$-values for each solution $x$.