Since you typed spaces around the slash, I'm going to assume that your ambiguous expression is intended as follows.
f(x) = (x^2 - 1)/x
If my assumption is correct, then who told you that the graph of this function has an horizontal asymptote?
It does not. It has a slant asymptote.
When we have rational functions (i.e., both the numerator and denominator are polynomials), we can use the degrees of these polynomials to determine whether or not there is a horizontal or slant asymptote.
Let n be the degree of the polynomial in the numerator.
Let d be the degree of the polynomial in the denominator.
If n < d, then y = 0 is a horizontal asymptote.
If n = d, then y = a/b is a horizontal asymptote, where a is the leading coefficient in the numerator and b is the leading coefficient in the denominator.*
If n > d, then there is no horizontal asymptote.
If n is one greater than d, then there is a slant asymptote.
In your exercise, another way to see the slant asymptote is to rewrite the ratio as a difference of fractions.
f(x) = x^2/x - 1/x
Simplify the right-hand side, and then let x go to both plus infinity and minus infinity to see what happens to the value of f.
Horizontal and slant asymptotes both arise as x becomes very large in absolute value.
When working with rational functions involving more complicated expressions, we sometimes divide numerator and denominator by the highest power of x (as long as we know it's not zero). In other situations, polynomial division (either longhand or synthetic) is a good choice.
Please ask any questions if you are still unsure about this.
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