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It includes biodiesel, biogas, alcohol, myco-diesel, algal fuel, and metal fuel. They have applications to replace conventional fuels in functions such as transportation, although they still compose a small proportion of global fuel sources. Lots of substitutional fuel use is the result of government-enforced mandates, exemptions, or subsidies. [1]
Goods considered complements or substitutes are relative associations and should not be understood in a vacuum. The degree to which a good is a substitute or a complement depends on its relationship to other goods, rather than an intrinsic characteristic, and can be measured as cross elasticity of demand by employing statistical techniques such ...
Perfect substitutes have a linear utility function and a constant marginal rate of substitution, see figure 3. [7] If goods X and Y are perfect substitutes, any different consumption bundle will result in the consumer obtaining the same utility level for all the points on the indifference curve (utility function). [8]
It is known by many names including propane, LPG (liquified propane gas), LPA (liquid propane autogas), Autogas and others. Propane is a hydrocarbon fuel and is a member of the natural gas family. Propane as an automotive fuel shares many of the physical attributes of gasoline while reducing tailpipe emissions and well to wheel emissions overall.
Cross elasticity of demand of product B with respect to product A (η BA): = / / = > implies two goods are substitutes.Consumers purchase more B when the price of A increases. Example: the cross elasticity of demand of butter with respect to margarine is 0.81, so 1% increase in the price of margarine will increase the demand for butter by 0.81
Indifference curve for perfect complements. A perfect complement is a good that must be consumed with another good. The indifference curve of a perfect complement exhibits a right angle, as illustrated by the figure. [6] Such preferences can be represented by a Leontief utility function. Few goods behave as perfect complements. [6]
Synthetic production of liquid fuels (i.e., gasoline and oil substitutes) in the United States has a long history. In the 19th century, dozens facilities produced oil, gas, grease and paraffin from coal, but by 1873, cheap petroleum caused the last coal oil plant to close.
The major fuel usage is by conversion to biodiesel with about 3 billion US gallons (11,000,000 m 3) in 2009. [23] In 2004 the US consumed 530 billion litres (140 billion USgal) of gasoline and 150 billion litres (40 billion USgal) of diesel. [24] In biodiesel it says oil palm produces 5940 litres per hectare (635 USgal/acre) of palm oil each year.