Background
One lipoic acid molecule is enzymatically produced from one octanoic acid molecule in the mitochondrion or in the bacterium by the enzyme lipoyl synthase (LipA).
![Molecules](https://cdn.statically.io/img/i.sstatic.net/wVNE5.jpg)
To get there, first the octanoic acid must be covalently linked to the small protein acyl carrier protein (ACP). This attachment is made at its carboxylic acid end (right end of the molecule shown above).
Then, the octanoate-AcylCarrierProtein binds to the LipA enzyme. LipA contains a [4Fe-4S] center that reacts with the lipidic end of the octanoic acid (left end of the molecule above). The iron-sulfur cluster is highly reactive. At the outset of the reaction, the enzyme leaves one sulfur atom of its iron-sulfur cluster to the third carbon atom from the left and another sulfur atom to the terminal CH3. The resulting product is released from LipA.
Separately the ACP is removed and the two sulhydryl groups chemically oxidize together to a disulfide bond, thus producing the Lipoic acid molecule as illustrated above.
I recommend examining the Scheme 2 in McLaughlin et al., 2016 for details of the catalytic mechanism in a bacterium, Mycobacterium tuberculosis leading to the Lipoic acid product, in the acyl carrier protein bound form.
OP questions
a) The whole of the Octanoic acid, except for two hydrogen atoms are included in the resulting lipoic acid. So it is one to one in molar ratio.
b) I think it may be easier to refer to molar equivalents instead of volume equivalents.