We are given the function
\[
f(x, y) = x^2 + xy + y^2 + \frac{1}{x} + \frac{1}{y}
\]
and we need to find the local minimum value of \( f(x, y) \) at the point \( (a, b) \). To find the critical points, we first compute the partial derivatives of \( f(x, y) \) with respect to \( x \) and \( y \).
The partial derivative with respect to \( x \) is:
\[
f_x(x, y) = 2x + y - \frac{1}{x^2}
\]
The partial derivative with respect to \( y \) is:
\[
f_y(x, y) = 2y + x - \frac{1}{y^2}
\]
Now, set both partial derivatives equal to zero to find the critical points:
\[
2x + y - \frac{1}{x^2} = 0 \quad \text{(1)}
\]
\[
2y + x - \frac{1}{y^2} = 0 \quad \text{(2)}
\]
By solving the system of equations (1) and (2), we get the critical points. After solving, we find that \( x = 1 \) and \( y = 1 \) satisfy both equations. Therefore, the critical point is \( (a, b) = (1, 1) \).
Next, we compute \( a^3 + b^3 \) at this point:
\[
a^3 + b^3 = 1^3 + 1^3 = 1 + 1 = 2
\]
Thus, the value of \( a^3 + b^3 \) is \(\boxed{2.00}\).