With just the flip of a sign, say
x2+y2tox2−y2,
we can change from an elliptic paraboloid to a much more complex surface. Because it's such a neat surface, with a fairly simple equation, we use it over and over in examples.
Hyperbolic paraboloids are often referred to as “saddles,” for fairly obvious reasons. Their official name stems from the fact that their vertical cross sections are parabolas, while the horizontal cross sections are hyperbolas. But even the vertical cross sections are more complicated than with an elliptic paraboloid. Look at the below applet, which shows the surface z=x2−y2.