The graph of y=(x+1)/(x-1) resembles a hyperbola, characterized by a vertical asymptote at x=1 and a horizontal asymptote at y=1. It can be rewritten as y=1 + 2/(x-1), indicating a transformation of the basic hyperbola y=1/x, shifted up by one and left by one. The discussion also touches on simplifying the expression y=(1+2x)/(1-x), though specific simplification steps are not provided. Understanding these transformations is key to accurately sketching the graph. Overall, the conversation centers on the graphical representation and manipulation of rational functions.