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 _____.

- $1/12$
- $1/8$
- $1/6$
- $3/8$