A comprehensive analysis of pulmonary fuinction must include measurements of pulmonary ventilation, diffusion, and circulation. An accurate measurement of alveolar ventilation, independent of diffusion and circulation, is desirable. To date, no method has been wholly satisfactory (3). One approach has been by study of the time course of equilibration of alveolar gas with a "foreign" inspired gas, such as H2 (4) Most simply, the lungs could be represented by a bellows which is uniformly ventilated, i.e., inspired gas is distributed evenly to and mixed instantly with all the gas previously present in the bellows. For simplicity, it will be assumed for the moment that inspired gas contains no N,, and that there is no transfer of N2 from blood and tissue.