All rings are unital and commutative. Here are parts a. and b. of the exercise from Eisenbud. I don't think that part a. is needed for b., but I've included it just in case.
Suppose $R$ is a $\mathbb{Z}$-graded ring and $0 \neq f \in R_1$. Show that $R[f^{-1}]$ is again a $\mathbb{Z}$-graded ring. Let $S = R[f^{-1}]_0$.
a. Show that $R[f^{-1}] \cong S[x,x^{-1}]$, where $x$ is a new variable
b. Show that $S = R[f^{-1}]_0 \cong R/(f-1)$.
I am able to prove the first statement, where I defined the degree $n$ component of $R[f^{-1}]$ to be $$ R[f^{-1}]_n = \left\{ \frac{r}{f^d} : r \ \text{is homogeneous}, \deg(r) - d = n \right\}, $$ and I found part a. to be straightforward.
I am able to prove part b. when $f$ is not a zerodivisor as follows: define $\phi: R \to S$, by $r \mapsto \frac{r}{f^{\deg(r)}}$ for homogeneous $r$, and then extending to all of $R$ by linearity. It is easy to see the $\phi$ is onto, so it suffices to show that $\ker \phi = (f-1)$. The inclusion $(f-1) \subseteq \ker \phi$ is obvious. On the other hand, suppose that $r = r_1 + \cdots r_n \in \ker \phi$, where each $r_i$ is homogeneous of degree $d_i$. Moreover, assume that $d_1 < \cdots < d_n$. Then $$ \phi(r) = \frac{r_1}{f^{d_1}} + \cdots + \frac{r_n}{f^{d_n}} = \frac{f^{d_n-d_1}r_1 + \cdots + f^{d_n-d_{n-1}}r_{n-1} + r_n}{f^{d_n}} = 0, $$ which implies $f^{d_n-d_1}r_1 + \cdots + f^{d_n-d_{n-1}}r_{n-1} + r_n = 0$, since I am assuming that $k$ is not a zerodivisor (otherwise I would have to multiply this equation by some $f^k$, which would screw up the next step). But then $$ r = r_1 + \cdots + r_n = (r_1 + \cdots + r_{n-1}) - (f^{d_n-d_1}r_1 + \cdots + f^{d_n-d_{n-1}}r_{n-1}) = (1 - f^{d_n - d_1}) r_1 + \cdots + (1 - f^{d_n - d_{n-1}}) r_{n-1}, $$ which is in $(f-1)$ as desired.
The claim is also true in the case where $f$ is nilpotent: then the localization at $f$ is $0$, and $1-f$ is a unit, implying that $R/(f-1) = 0$.
So really I'm after the case where $f$ is a zerodivisor, but not nilpotent.