Concept:
Given functional equation:
\[
f(xy) = f(x)f(y)
\]
Step 1: Put \( x=2, y=\frac{1}{2} \).
\[
f(1) = f(2)f\left(\frac{1}{2}\right)
\]
Step 2: Find \( f(1) \).
\[
f(1) = f(1 \cdot 1) = f(1)^2 \Rightarrow f(1)=1
\]
Step 3: Substitute.
\[
1 = 4 \cdot f\left(\frac{1}{2}\right)
\Rightarrow f\left(\frac{1}{2}\right) = \frac{1}{4}
\]