1/8" per foot
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320*.25=8 inches
One eighth inch drop per foot of run.
24 and 719 is not enough information to define a slope. For 2-dimensional space two ordered pairs are the minimum required.
Finding the slope requires at least two points and at least two coordinates per point - making a minimum of 4 numbers. There are only 2 in the question.
The slope is the rate of change, and the y-intercept could be viewed as the starting point. One example could be a phone plan that charges a minimum rate plus a per-minute rate. The money-per-minute would be represented by the slope, and the monthly minimum is the y intercept (the money you pay when minutes = 0).