Yes, they are equivalent.
To determine if two ratios are equivalent, we can simplify each ratio to its simplest form and then compare them.
The ratio 5/8 can be simplified by dividing both the numerator and the denominator by the greatest common divisor (GCD) of 5 and 8, which is 1. So, after simplifying, the ratio becomes 5/8.
The ratio 15/24 can be simplified by dividing both the numerator and the denominator by their GCD, which is 3. So, after simplifying, the ratio becomes 5/8.
Since both ratios simplify to 5/8, they are equivalent.