Your a little off with your figures. inspired air has 21ish% O2 and expired air has 16-17%. I think that was what you were saying anyway.finley:you only use 16% of the o2 taken in on each breath....if your body is demanding more than that due to increased activity, extreme conditions (hot or cold..panic etc) then you have to breathe more often. THe depth of the breath doesnt really increase o2 exchange but can certainly help in the panic department. Fitness level comes in with how easily and efficiently the 02 exchange can take place ( and the cardiac demands of hauling yourself around).