<|system|>
Compute: $\left(\frac{1}{2} \right)^{3} \cdot \left(\frac{1}{7} \right)$.</s>.
<|user|>
Can you answer based on context?
<|assistant|>
We have $\left(\frac{1}{2} \right)^{3}=\frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2}=\frac{1}{8}$, so \[\left(\frac{1}{2} \right)^{3} \cdot \left(\frac{1}{7} \right) = \frac18\cdot \frac17 = \frac{1}{56}.\]