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We'll approach this topic via some examples:
We know how to differentiate y with respect to x, using the power rule.
But there's another way to think about this relationship, and that's
This gives no priority to either variable. We can still differentiate to find y'(x), however, using the product rule and something called "implicit differentiation". We consider $y$ and unknown function of $x$, treating it as $y(x)$; then, since both sides of the equation
are equal, the derivatives of both sides must be equal. We differentiate both sides, and equate them (using the product rule on the left). From this we obtain the correct derivative, as well.
The solution curves are hyperbolas (one of the conic sections).
Even though the graph is not the graph of a function (either $y(x)$ or $x(y)$), we can still find tangent lines, etc., using ordinary derivatives. It is the case, however, that a single point in the plane can be represented by several different tangent lines (e.g. the point (0,0)).
(#29, p. 162):
Because the equation is symmetric in $y$ (even in $y$), we expect the curve to be a reflection about the $x$-axis (as it is).