1) Amdahl's Law describes the theoretical speedup from parallel processors based on the proportion of a program that can be parallelized (1-B) versus the portion that must run serially (B).
2) The speedup formula is: Speedup = 1 / (B + (1-B)/Number of Processors). This shows diminishing returns as more processors are added.
3) A speedup curve based on Amdahl's Law will always be below the ideal linear speedup (S=N) line, showing the limits on parallelization from the serial components of a program.