1. The problem states that $y$ is inversely proportional to $x$, which means $y \propto \frac{1}{x}$. This can be written as an equation with a constant $k$: $$y = \frac{k}{x}$$ 2. We are given that $y = 24$ when $x = 3$. Substitute these values into the equation to find $k$: $$24 = \frac{k}{3}$$ 3. Multiply both sides by 3 to solve for $k$: $$k = 24 \times 3 = 72$$ 4. Substitute $k = 72$ back into the equation: $$y = \frac{72}{x}$$ This is the equation for $y$ in terms of $x$ when $y$ is inversely proportional to $x$ and $y=24$ at $x=3$.