All you need to do to multiply two fractions is multiply the numerators, and multiply the denominators. First converting to a common denominator is possible, and it will indeed give you a correct answer, but it's an unnecessary complication. Not only must you find this common denominator, but it would also cost you additional work to simplify the result.
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First answer: Why do you think it should be needed ?
Second answer: Perhaps it can be best explained by means of a parable.
You can easily take 1/4 of a cake, but you can't add (1/4) + (1 cake).
In order to add, either they must both be quarters, or else they must both be cakes.
No you do not.
No. Dividing fractions is achieved by inverting the divisor and multiplying the resulting fractions. To multiply fractions the numerators are multiplied together to form the new numerator and the denominators are multiplied together to form the new denominator.
YES.
No. Common denominators are needed for addition and subtraction, not multiplication or division.
Option 1: Find a common denominator for the two fractions. It need not be the least common denominator; for example, for two fractions, if you just multiply the two denominators, you get a common denominator. Convert all the fractions to the common denominator. Then you can compare. Option 2: Convert each fraction to decimal, by dividing the numerator by the denominator. Then you can compare the decimals.