Question: Given two fair dice, what is the expected value of their product?
My attempt:
Let $X_1$ and $X_2$ be scores by first and second die respectively. Note that $X_1$ and $X_2$ are independent. Then $$E(X_1X_2) = E(X_1)E(X_2) = 3.5^2 = 12.25.$$
Is my calculation correct?
Yes, your approach and answer are both correct. You could also take the average of the products of all possible cases. $${\bar x}=\frac {{\sum_{i=1}^6}{\sum_{j=1}^6}ij}{6\times 6}$$ $${\bar x}=\biggr(\frac {6\times7}{2}\biggr)^2\times \frac {1}{36}$$ $${\bar x}=12.25$$