(1) The question is poorly asked - y' could mean dy/dx or dy/dt. This is why you shouldn't use that notation.
(2) I've provided two methods for each derivative. To understand the second method for the 2nd derivative, you will need to have done implicit differentiation. OR you might still understand it in the context of the chain rule.
Make the t the subject in both equations you get: t=x/2 and t=1/y then
equate the right hand sides to get: x/2=1/y cross multiply to get:
xy=2 then make y the subject to have y=2/x or y=2x^-1
Differentiate to get the 1st derivative dy/dx=-2x^-2
differentiate again to get the second derivative: dy^2/(dx)^2=4x^-3
so dy/dx=(1-t^-2)/(1+t^-2) Multiply the top and the bottom by t^2 to get:
or dy/dx=(t^2-1)/(t^2+1) differentiate RHS with respect to t then multiply by dt/dx (the chain rule)
The second derivative= (2t(t^2+1)-2t(t^2-1))/(t^2+1)^2x t^2/(t^2+1) , t^2/(t^2+1) is dt/dx which can be found by flipping dx/dt .
This after simplifying will give you the 4t^3/(t^2+1)^3 which is the answer.