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It is a gauge that uses a senser in the exhaust like your modern car --only instead of directly changing the fuel mixture it can be read on a gauge or computer ---it is a way of telling how rich, or lean your engine is running
Another important factor in economy is the vacuum brake in the dist---back the adjusting screw all the way out, then only adjust it in enough to stop the ping---most times it won't need to be screwed in very far if the dist is working and setup properly