Sure, let's go ahead and use the concept of inverse variation to solve this.
1. First, understand that an inverse variation equation is defined as y = k / x, where 'k' is known as the constant of variation. Our goal is to find this constant using the given values of 'x' and 'y'.
2. Now, we are given the values of x and y. Specifically, x is 16 and y is 3/4.
3. As per the equation y = k / x, we can calculate the constant of variation ('k') by rearranging the equation to solve for 'k'. This gives us 'k = y * x'.
4. Let's substitute the given values in this equation. So, k = (3/4) * 16.
5. Calculating this gives us k = 12.0.
6. Now that we have the constant of variation, let's rewrite the inverse variation equation using this constant: y = 12.0 / x.
7. And that's it. The inverse variation equation that relates x and y when x=16 and y=3/4 is y = 12.0/x. This signifies that the relationship between 'x' and 'y' is such that as the value of 'x' increases, 'y' decreases and vice-versa maintaining a constant product (which is 12.0 in our case).