To evaluate $(\frac{1}{2})^{-3}$, you can use the property of exponents that states $a^{-n} = \frac{1}{a^n}$.

So,

$\left(\frac{1}{2}\right)^{-3} = \frac{1}{\left(\frac{1}{2}\right)^3}$

Now calculate $\left(\frac{1}{2}\right)^3$:

$\left(\frac{1}{2}\right)^3 = \frac{1^3}{2^3} = \frac{1}{8}$

Thus,

$\frac{1}{\left(\frac{1}{2}\right)^3} = \frac{1}{\frac{1}{8}} = 8$

Therefore, $(\frac{1}{2})^{-3} = 8$.

Would you like more details or have any questions? Here are some related questions:

1. What are some other properties of exponents?
2. Can you explain how negative exponents work in more depth?
3. How would you solve $(\frac{3}{4})^{-2}$?
4. What is the general formula for converting negative exponents to positive ones?
5. How do you apply these rules in algebraic expressions?

Tip: Remember that a negative exponent indicates the reciprocal of the base raised to the opposite positive exponent.