1. **State the problem:** Given that $\log_2 x = 0.5$, find the value of $y$ (assuming $y = x$ since $y$ is not defined separately). 2. **Recall the definition of logarithm:** $$\log_b a = c \iff b^c = a$$ This means that if $\log_2 x = 0.5$, then: $$2^{0.5} = x$$ 3. **Calculate $x$:** $$x = 2^{0.5} = \sqrt{2}$$ 4. **Conclusion:** Therefore, $y = x = \sqrt{2}$. The value of $y$ is $\sqrt{2}$.