Answer
The constant of variation is $2$.
The inverse variation equation is $y=\frac{2}{x}$.
Work Step by Step
$y=\frac{k}{x}$
$y=\frac{1}{8}; x=16$
$\frac{1}{8}=\frac{k}{(16)}$
$\frac{1}{8}\times16=k$
$2=k$
The constant of variation is $2$.
The inverse variation equation is $y=\frac{2}{x}$.