First, we multiply out the top line:

`(12a^3b^6)/(8a^2b^3)`

When we write it out in full, this means

`(12 xx aaa xx b b b b b b)/(8 xx aa xx b b b)`

Next, cancel the numbers top and bottom (we divide top and bottom by `4`), the "a" terms (we cancel `a^2=aa` from top and bottom) and the "b" terms (we cancel `b^3=b b b` from top and bottom) to give us the final answer:

`(3ab^3)/2`