Step 1: Understanding the Question:
We are given a pair of parametric equations where $x$ and $y$ are expressed in terms of an underlying parameter $t$. We need to compute the derivative $\frac{dy}{dx}$ and express the final result in terms of the variables $x$ and $y$.
Step 2: Key Formula or Approach:
1. Use parametric differentiation rules to compute individual derivatives with respect to $t$:
$$\frac{dy}{dx} = \frac{\frac{dy}{dt}}{\frac{dx}{dt}}$$
2. Alternatively, eliminate the parameter $t$ by squaring and combining the equations to exploit the algebraic identity:
$$\left(t + \frac{1}{t}\right)^2 - \left(t - \frac{1}{t}\right)^2 = 4$$
3. Perform implicit differentiation on the resulting equation.
Step 3: Detailed Explanation:
Let's isolate the parameter terms from the given equations:
$$\frac{x}{a} = t - \frac{1}{t} \quad \text{--- (1)}$$
$$\frac{y}{b} = t + \frac{1}{t} \quad \text{--- (2)}$$
Square both expressions independently:
$$\frac{x^2}{a^2} = \left(t - \frac{1}{t}\right)^2 = t^2 - 2 + \frac{1}{t^2}$$
$$\frac{y^2}{b^2} = \left(t + \frac{1}{t}\right)^2 = t^2 + 2 + \frac{1}{t^2}$$
Subtract the squared $x$ expression from the squared $y$ expression:
$$\frac{y^2}{b^2} - \frac{x^2}{a^2} = \left(t^2 + 2 + \frac{1}{t^2}\right) - \left(t^2 - 2 + \frac{1}{t^2}\right)$$
$$\frac{y^2}{b^2} - \frac{x^2}{a^2} = 4$$
Now, differentiate this hyperbola equation implicitly with respect to $x$:
$$\frac{d}{dx}\left(\frac{y^2}{b^2}\right) - \frac{d}{dx}\left(\frac{x^2}{a^2}\right) = \frac{d}{dx}(4)$$
$$\frac{2y}{b^2} \cdot \frac{dy}{dx} - \frac{2x}{a^2} = 0$$
Isolate the derivative term $\frac{dy}{dx}$:
$$\frac{2y}{b^2} \cdot \frac{dy}{dx} = \frac{2x}{a^2}$$
$$\frac{dy}{dx} = \frac{2x}{a^2} \times \frac{b^2}{2y} = \frac{b^2 x}{a^2 y}$$
Step 4: Final Answer:
The derivative expression matches option (D).