Speed and Velocity

What is speed?

Its the answer to the question - how quickly did you you cover a distance. Following is the formula to measure speed.

$$Speed = \frac{Distance}{Time}$$
What is velocity?

Its the answer to the question - how quickly did you get displaced. Following is the formula to measure velocity.

$$Velocity = \frac{Displacement}{Time}$$

The unit of measurement of both speed and velocity is m/s.

Instantaneous and Average

Instantaneous speed is the speed at that point of time. Say you are driving a car. The speed you see in a speedometer is the Instantaneous speed of your car. Whereas average speed is the average over a period of time.
Similarly instantaneous velocity is the velocity at that point of time and average velocity is the average over a period of time.

Speed is a scalar quantity whereas velocity is a vector quantity.

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