Instantaneous velocity is the velocity of an object at a particular instant. On a position-time graph, it is the gradient of the tangent at that instant.
Average velocity describes a complete time interval. Instantaneous velocity describes the local motion at one moment. A tangent estimates the gradient of the curve at that point; using two widely separated points instead gives an average velocity over the interval.
For calculus-based treatments,
For IB graphical work, draw a tangent at the required point and calculate
Instantaneous speed is the magnitude .
