Compute the derivatives:
Set
and
to find critical points:
From the first equality we get
. Plugging this into the second equality, we get
. Solving it gives
and
. This yields the critical points
, and
.
For
,
,
and
, so we have a saddle point because
.
For
,
,
, and
(and thus it could be a local max or local min). Then, because
, we conclude it is a local minimum.