This is not an answer to the Question. It is apparently a response to OP's underlying question, which has been asked repeatedly in comments to the other answers.
Let $x \ast y = x^y$ for $x,y > 0$. Explore: If $x \ast \varepsilon = x^\varepsilon = x$ for all $x$, then $\varepsilon = 1$. Check: $x \ast 1 = x^1 = x$ is true, but $1 \ast x = 1^x = x$ is false (for all $x \neq 1$). (This also demonstrates a failure of commutativity.)
What we have shown is that $1$ is a genuine identity on the right, but fails to be an identity on the left.
Let $x \ast y = xy^2$ for real numbers $x$ and $y$. Explore: If $x \ast \varepsilon = x\varepsilon^2 = x$ for all $x$, then $\varepsilon^2 = 1$, for instance $\varepsilon = -1$. Check : $-1 \ast y = (-1)y^2 \neq y$ (for all $y \neq -1$). So this fails. Alternatively, $\varepsilon = 1$ ... (works as a right-inverse for all $x$ and fails as a left-inverse for $y \neq 1$).
Finally, an example that is commutative and associative, but does not have an identity (on either side) or inverses.
Let $x \ast y = x + y$ for $x,y$ positive integers. Explore: If $x \ast \varepsilon = x + \varepsilon = x$, then $\varepsilon = 0$, which is not a positive integer.