Step 1: Concept
Use the half-angle formula: $\cos \theta = \frac{1 - \tan^2(\theta/2)}{1 + \tan^2(\theta/2)}$.
Step 2: Analysis
Substitute the formula for both $\cos x$ and $\cos y$ into the given equation.
Step 3: Evaluation
Applying Componendo and Dividendo or simplifying the resulting algebraic expression leads to $6 \tan^2(y/2) = 2 \tan^2(x/2)$.
Step 4: Conclusion
This simplifies to $\frac{\tan^2(x/2)}{\tan^2(y/2)} = 3$, so $\tan(x/2) \cot(y/2) = \sqrt{3}$.
Final Answer: (b)