What is the multiplicative inverse of $1 + \epsilon$, in the ordered field of hyperreals or surreals?
Simple algebra shows it must be equal $1-\epsilon+\epsilon^2-\epsilon^3+\epsilon^4...$ But how do we prove that that number exists as a hyperreal or surreal?
If it does exist, is it realizable as a finite set of arithmetic operations on $\mathbb{R} + \epsilon$?
If not, how do we characterize the hyperreal or surreal numbers that are not realizable as such? And what symbols are customarily used for them (or why do they not have common symbols)?
If we simply take the ordered field of reals and introduce $\epsilon$, all the standard surreal numbers follow (e.g. $\omega$, e.g. $2\epsilon$, e.g. $1+\epsilon$, etc.), but I don't see how to prove that the infinite sum above exists as a hyperreal or surreal.
A similar question can be asked for $\frac{1}{1-\epsilon} = 1 + \epsilon + \epsilon^2 + \epsilon^3...$
UPDATE $\epsilon$ is the most basic infinitesimal, greater than zero but less than any real. In surreal numbers, it's $(\{0\},\{1,1/2,1/4,1/8/1/16,1/32...\})$.
$\frac{1}{1 +\epsilon} \ne 1 - \epsilon$, because $(1+\epsilon) * (1 - \epsilon) = 1 - \epsilon^2 $. It must be slightly greater than $(1 - \epsilon)$ , but the difference is less than $\epsilon^2$.
Another way to ask this is: $d = 1 - \frac{1}{1 +\epsilon}$.
$\epsilon^2 < d < \epsilon$. Is there a way to characterize $d$ and it's size compared to $\epsilon$?
Hyperreals
I assume we're talking about Robinson's Hyperreals (not more general hyperreal fields) being created via an ultrapower construction.
For those unfamiliar, the basic idea behind of the construction isn't too complicated. I like Terry Tao's voting analogy. A hyperreal is a sequence of reals (well, an equivalence class of sequences) that vote each time you ask about a property (like "are you bigger than 5?"). How to determine which infinite collections of voters count as good majorities is handled by some technical stuff, but you don't have to worry about that to get the idea.
I assume that by $\epsilon$, the OP meant the following equivalence class: $[(1,\frac12,\frac13,\frac14,\ldots)]$. Then $1+\epsilon$ is $[(2,\frac32,\frac43,\frac54,\ldots)]$ and its reciprocal $\dfrac{1}{1+\epsilon}$ is $[(\frac12,\frac23,\frac34,\ldots)]$. It is "realizable as a finite set of arithmetic operations" in that it equals $1/(1+\epsilon)$.
Surreals
The surreals don't fit in a set (the collection of surreals is a proper class) so in some contexts people would not call the surreals an ordered field.
I assume that by $\epsilon$, the OP meant the following surreal: $\{0\mid 1,\frac12,\frac13,\frac14,\ldots\}$. Then $1+\epsilon$ is $\{1\mid 2,\frac32,\frac43,\frac54,\ldots\}$. Its reciprocal $\dfrac{1}{1+\epsilon}$ is not $\{\frac12,\frac23,\frac34,\ldots\mid1\}=1-\epsilon$. It's actually a bit of a pain to write down from first principles (see (5.28) of Surreal Numbers - An Introduction), but I think it might be equal to $\{1-\epsilon,1-\epsilon+\epsilon^2-\epsilon^3\ldots\mid1,1-\epsilon+\epsilon^2\ldots\}$.
It is "realizable as a finite set of arithmetic operations" in that it equals $1/(1+\epsilon)$.
Other Comments
What do you mean by "introduce"? The hyperreals and surreals, whatever your definitions, are known to act like fields, so division exists. As discussed above, there are even explicit ways to build a representative of a reciprocal for both. No infinite sum is required.
If all you do is "introduce" $\epsilon$ and allow arithmetic operations including division, then you only get what one might call the ordered field of rational functions, which doesn't have enough weird elements to be an example of Robinson's hyperreals, let alone the not-set-sized surreals.