I want to find out if these sets have a supremum and/or infimum:
$\{ \frac{|x|}{1+|x|}:x\in \mathbb{R} \}$
and
$\{ x+x^{-1}:0<x \leq 2 \}$
Regarding the first one I would say that all elements are non-negative and since $0 \in \mathbb{R}$ it follows that $0$ is minimum as well as infimum. But is that enough?
Regarding the second one we can rewrite $x^{-1}$ as $\frac{1}{x}$ and since x can't be $0$ we could use $2$ and get $2,5$ as a supremum. Is that correct/and or enough reasoning?
You are right about infimum of the first set. The supremum of this set is $1$ because every element of the set is $<1$ and taking $x=1,2,3,..$ and letting $x \to \infty$ we get $1$ in the limit. This supremum is not a maximuum.
For the second set your answer is not correct. We can see that $x+\frac 1x \geq 2$ for all $x>0$ using the inequality $(x-1)^{2} \geq 0$. Hence $2$ is a lower bound for this set. The value $2$ is attained when $x=1$ so the infimum and the minimum are $2$. The set is not bounded above: take $x =\frac 1 n$ to see this.