High-pressure liquid-chromatography and microcalorimetry have been used to determine equilibrium constants and enthalpies of reaction for the disproportionation reaction of adenosine 5'-diphosphate (ADP) to adenosine 5'-triphosphate (ATP) and adenosine 5'-monophosphate (AMP). Adenylate kinase was used to catalyze this reaction. The measurements were carried out over the temperature range 286 to 311 K, at ionic strengths varying from 0.06 to 0.33 mol kg-1, over the pH range 6.04 to 8.87, and over the pMg range 2.22 to 7.16, where pMg = -log a(Mg2+). The equilibrium model developed by Goldberg and Tewari (see the previous paper in this issue) was used for the analysis of the measurements. Thus, for the reference reaction: 2 ADP3- (ao) reversible AMP2- (ao) + ATP4- (ao), K-degrees = 0.225 +/- 0.010, DELTA-G-degrees = 3.70 +/- 0.11 kJ mol-1, DELTA-H-degrees = -1.5 +/- 1.5 kJ mol-1, DELTA-S-degrees = -17 +/- 5 J mol-1 K-1, and DELTA-C(p)-degrees almost-equal-to -46 J mol-1 K-1 at 298.15 K and 0.1 MPa. These results and the thermodynamic parameters for the auxiliary equilibria in solution have been used to model the thermodynamics of the disproportionation reaction over a wide range of temperature, pH, ionic strength, and magnesium ion molality. Under approximately physiological conditions (311.15 K, pH 6.94, [Mg2+] = 1.35 x 10(-3) mol kg-1, and I = 0.23 mol kg-1) the apparent equilibrium constant (K'(A) = m(SIGMA-AMP)m(SIGMA-ATP)/[m(SIGMA-ADP)]2) for the overall disproportionation reaction is equal to 0.93 +/- 0.02. Thermodynamic data on the disproportionation reaction and literature values for this apparent equilibrium constant in human red blood cells are used to calculate a molality of 1.94 x 10(-4) mol kg-1 for free magnesium ion in human red blood cells. The results are also discussed in relation to thermochemical cycles and compared with data on the hydrolysis of the guanosine phosphates.