Step 1: Identify given information
Let \( r \) be the radius of the air bubble.
\[
\frac{dr}{dt} = \frac{1}{2} \, \text{cm/s}
\]
We need to find \( \frac{dV}{dt} \) when \( r = 1 \) cm.
Step 2: Formula for volume of a sphere
The volume of a spherical bubble is:
\[
V = \frac{4}{3} \pi r^3
\]
Step 3: Differentiate with respect to time
\[
\frac{dV}{dt} = \frac{d}{dt} \left( \frac{4}{3} \pi r^3 \right) = \frac{4}{3} \pi \cdot 3r^2 \cdot \frac{dr}{dt}
\]
\[
\frac{dV}{dt} = 4\pi r^2 \cdot \frac{dr}{dt}
\]
Step 4: Substitute the given values
When \( r = 1 \) cm and \( \frac{dr}{dt} = \frac{1}{2} \, \text{cm/s} \):
\[
\frac{dV}{dt} = 4\pi (1)^2 \cdot \frac{1}{2}
\]
\[
\frac{dV}{dt} = 4\pi \cdot \frac{1}{2} = 2\pi
\]
Step 5: Final answer
\[
\boxed{2\pi \, \text{cm}^3/\text{s}}
\]
Interpretation:
When the radius is 1 cm, the volume of the air bubble is increasing at the rate of \( 2\pi \) cubic centimeters per second (approximately \( 6.28 \, \text{cm}^3/\text{s} \)).