Given two sets $X=\{1,2,3\}$ and $Y=\{2,3,4\},$ we construct a set $Z$ of all possible fractions where the numerators belong to set $X$ and the denominators belong to set $Y.$ The product of elements having minimum and maximum values in the set $Z$ is _____.
1. $1/12$
2. $1/8$
3. $1/6$
4. $3/8$