L1 refers to the straight extension of the nozzle. I, I believe, refers to the thickness of the nozzle material, and is irrelevant.
Yes, it's for liquids, but not necessarily a submerged jet.
The reference to B (Beta) is the proportion of the incoming tube, to the nozzle outlet.
d + 2 * r2 should be equal to D. d is the outlet diameter, and D is the inlet diameter. The drawing makes a reference to D3, but that includes the flange on the tube, where the nozzle is mounted.
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