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Explanation:

Step1: Rewrite the equation in slope - intercept form ($y = mx + b$)

The given equation is $\frac{1}{2}x-2y = 8$. First, we want to solve for $y$.
Subtract $\frac{1}{2}x$ from both sides: $- 2y=-\frac{1}{2}x + 8$.
Then divide each term by $-2$: $y=\frac{-\frac{1}{2}}{-2}x+\frac{8}{-2}$.
Simplify the coefficients: $y=\frac{1}{4}x - 4$.

Step2: Identify the slope and y - intercept

In the slope - intercept form $y = mx + b$, $m$ is the slope and $b$ is the y - intercept.
For the equation $y=\frac{1}{4}x - 4$, the slope $m=\frac{1}{4}$ and the y - intercept $b=-4$.

Answer:

Equation: $y=\frac{1}{4}x - 4$; Slope: $\frac{1}{4}$; y - intercept: $- 4$