Is Equilibrium constant experimentally determined or theoretically determined

In the study of chemical reactions, chemistry students first study reactions that go to completion. Inherent in these familiar problems—such as calculation of theoretical yield, limiting reactant, and percent yield—is the assumption that the reaction can consume all of one or more reactants to produce products. In fact, most reactions do not behave this way. Instead, reactions reach a state where, after mixing the reactants, a stable mixture of reactants and products is produced. This mixture is called the equilibrium state; at this point, chemical reaction occurs in both directions at equal rates. Therefore, once the equilibrium state has been reached, no further change occurs in the concentrations of reactants and products

the ratio of the conjugate base to the acid required to attain the desired ph.