Definition:
The dissociation constant is a measure of the extent to which a compound separates into its components in solution.
For a general reaction:

the dissociation constant is given by:

Properties:
Equilibrium: Indicates the position of equilibrium for dissociation reactions.
Strength of Interaction: A lower Kd value indicates a stronger interaction between the components.
Determination:
Spectroscopy: Measuring concentrations of components at equilibrium.
Titration: Determining the concentration of dissociated ions.
Applications of Dissociation Constant:
Biochemistry: Studying binding affinities of enzymes and substrates.
Pharmacology: Determining drug-receptor interactions.
Chemistry: Understanding reaction dynamics and stability of complexes.