The industrial synthesis of phenol from cumene involves the acid hydrolysis of the key intermediate,cumene hydroperoxide (formed from cumene via oxidation).Outline the mechanistic steps that lead to this oxidation product.Which other industrially important substance is produced as a by-product in this reaction? 
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Resource Price
The cost associated with acquiring materials or inputs needed for production, including labor, capital, and natural resources.
Equilibrium
A condition in the market where the balance between supply and demand is achieved, resulting in steady prices.
Human Capital
The economic value of the abilities, skills, knowledge, and experience possessed by an individual or population.
Particular Use
Suggests a specific application or purpose that something is designed or utilized for.
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