def replace_all(replacements, s):
    for old, new in list(replacements.items()):
        s = s.replace(old, new)
return s
my_replacements = {'1/2': 'half', '1/4': 'quarter', '3/4': 'three quarters'}
strings = ['I own 1/2 bottle', 'Give me 3/4 of the profit']
print(', '.join(replace_all(my_replacements, x) for x in strings))
Применение словаря замен строк к списку строк