Bit Depth
Both 24 bit and 16 bit are at 100% volume levels. The difference is in precision, which results in a lower noise floor, not a higher volume level. For example, the number 10 and 10.000 are both identical. However, if you divide 10 by 3 you get 3 if you can't use decimal places. If you divide 10.000 by 3 you get 3.333. The higher the bit depth, the greater the precision when using DSP and volume control.
Sample Rate
Sample rate is basically units of measurement. Wavelengths vary in length based on frequency. The smaller the wavelength, the higher the frequency. The larger the wavelength, the lower the frequency. I'm going to give you some some arbitrary measurements to make it easy. Note these are for illustration and not the actual wavelengths.
1/4" = 24,000 Hz frequency
1/8" = 48,000 Hz frequency
1/16" = 96,000 Hz frequency
1/8" = 48 kHz sample rate
1/16" = 96 kHz sample rate
1/32" = 192 kHz sample rate
If I have a ruler that is marked in 1/8" increments, I can measure everything from 24,000 Hz and below.
If I have a ruler that is marked in 1/16" increments, I can also now measure from 24,000 Hz to 48,000 Hz.
If I have a ruler that is marked in 1/32" increments, I can also now measure from 48,000 Hz to 96,000 Hz.
In other words, having a finer measurement capability doesn't do anything for me if I need to measure 3', 2', 1' 6" or anything else greater than 1/8". Each ruler can accurately can measure 1/8". All sample rates 48 kHz and higher can accurately represent audio up to 24,000 Hz. Higher sample rates allow one to measure and record smaller wavelengths.
You can also think of wavelength as money. The smaller the bill or coin, the smaller the price you are able to pay with the available money.
$20 = 24,000 Hz frequency
$10 = 48,000 Hz frequency
$5 = 96,000 Hz frequency
$10 = 48 kHz sample rate
$5 = 96 kHz sample rate
$1 = 192 kHz sample rate
All wavelengths 24,000 Hz and larger cost at least $20 with increments no smaller than $10.
All wavelengths from 24,000 Hz to 48,000 Hz cost at least $10 with increments no smaller than $5.
All wavelengths from 48,000 Hz to 96,000 Hz cost at least $5 with increments no smaller than $1.
One thing about sample rate is that it all has to be in the same currency. If you are going to use 192 kHz, you can only carry $1 bills. This would be rather cumbersome, but represents the increase in file size required by higher sample rates.