Let $f(x,y)=x^2y^3$, which is continuous, since it's a polynomial. Then $$A=\{(x,y) : f(x,y) \in (1,2)\}= f^{-1}(1,2)$$
Recall that the preimage of an open set by a continuous function is also open.
Now, for boundedness, try to think if it's possible to find $x,y\in \mathbb R$ so that $x$ is as big as we want, and $x^2y^3 \in (1,2)$. In this case, it's easy to see you can. For example, if we fix $M>0$, and choose
$$x=\sqrt{\frac32M}, \quad y=\frac{1}{\sqrt[3]{M}}$$
then $$f(x,y)=x^2y^3=\frac32M \cdot \frac{1}{M}=\frac32 \in A$$
As we can let $M$ be as big as we want, $A$ is not bounded.