Object A's speed is represented by the equation y=2x+1 and Object B's speed is represented by y=x+1. Object A is traveling faster at 2 meters per second compared to Object B's speed of 1 meter per second. After 5 seconds, Object A has traveled 11 meters while Object B has traveled 7 meters, with Object A passing Object B after 3 seconds. Both objects are moving in the same direction along the y-axis.