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One eighth inch drop per foot of run.
The slope is the magnitude of the line upwards or downwards, commonly referred to as "rise over run". The rise is how much the graph goes up in a certain distance, and the run is how much the graph goes over horizontally that same distance. To find the slope in that situation, you have to divide the rise by the run.
For a negative slope, the rise is negative and the run is positive.
slope = rise divided by run
Your answer is 3/24 or 0.125 Slope = Rise / Run