Anytime you see the word, "product" that means to apply multiplication to the situation.
In this case, you are finding the product of 0.06 and 0.5.
Multiply 0.06 and 0.5 to get the end result, or the product, of 0.03.
Remember, whenever you see the keyword, "product" then that means that you are multiplying!
I hope this helps you out!