We can do this by using implicit differentiation. The given equation is $\frac{x^{2}}{24}+\frac{y^{2}}{16}=1$. Differentiating both sides with respect to $x$ gives us:
$$\frac{2x}{24}+\frac{2yy'}{16}=0$$
Simplify this to get:
$$\frac{x}{12}+\frac{yy'}{8}=0$$
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