The document discusses the Michaelis-Menten equation, which was devised in 1913 to explain the relationship between reaction velocity and substrate concentration in enzyme-catalyzed reactions. It is based on the assumption that the enzyme and substrate form a reversible enzyme-substrate complex in the initial step of the reaction. The Michaelis constant Km represents the substrate concentration at which the reaction velocity is half of its maximum value Vmax and can be used to measure the enzyme's affinity for the substrate. The Lineweaver-Burk plot is also described as a way to determine Km and Vmax values graphically from experimental data.