I am presented with the following task:
"Assume that the function $f(x)$ has the derivative $f'(x) = \frac{1}{x}$ and that $f$ is one-to-one. If $y = f^{-1}(x)$, show that $\frac{dy}{dx} = 1$.
The solution given in the same textbook starts out with the following statement: $$x = f(y) \rightarrow f'(y)*\frac{dy}{dx} = 1$$
From this point, the proof is trivial, but I am confused by the notation given. Would $f'(y)*\frac{dy}{dx}$ translate to "the derivative of the function $f(y)$ with respect to $x$? If so, could you elaborate?
That's correct. If $x = f(y)$, then differentiating both sides with respect to $x$ we have $$1 = \frac{d}{dx}(f(y)) = \frac{df}{dx}(y)\frac{dy}{dx} = f'(y)\frac{dy}{dx}$$ where the equality between the second and third terms comes from the chain rule.