Find all functions $f:\Bbb R^+\to\Bbb R^+$ s.t. for all $x,y \in \Bbb R^+$ the following are simultaneously valid:
$$ f(x^y)=\sqrt[y]{f(x)}$$
$$ f(x^y)f(x^{-y})=1 $$
First I added the equations together:
$$ f(x^y)+f(x^y)f(x^{-y})=1+ \sqrt[y]{f(x)}$$
Then I factored the LHS:
$$ f(x^y)(1+f(x^{-y})=1+ \sqrt[y]{f(x)}$$
Then I isolated $f(x^y):$
$$ f(x^y)=\frac{1+\sqrt[y]{f(x)}}{1+f(x^{-y})} $$
Am I on the right track?
Here is a partial solution: assuming differentiability of $f$, if we take the derivative of both sides of the first equation with respect to $y$ we obtain $$ f'(x^y)\,x^y\ln x = -\frac{1}{y^2}\ln f(x)\,(f(x))^{1/y}, \tag{1} $$ which, for $y=1$, yields $$ f'(x)\,x\ln x = -f(x)\ln f(x). \tag{2} $$ Integrating $(2)$ we obtain $$ \ln(\ln f(x))=-\ln(\ln x)+C \Rightarrow f(x)=\exp\left(\frac{C}{\ln x}\right)\quad(x\neq 1). \tag{3} $$ One can easily check that $(3)$ satisfies both functional equations if $x\neq 1$. In order to satisfy the functional equations also at $x=1$ we must have $f(1)=1$.