Petrol, Diesel or CNG are useful fuels in most of auto-mobile industry. Increment in fuel prices and its highly demands created a need of research to make its use optimistic, cost effective and its burning gases environment friendly by considering its environment degradation effect. Bio-Ethanol Fuel is best replacement as a solution same as renewable energy resource. To measure the impact of several kinds of mixtures of ethanol-gasoline on spark ignited single cylinder engine an experimental investigation was performed. To perform investigation analysis, test bench was prepared first as a CAD model and then a proper experimental setup made with mild steel structure on which engine was mounted with all additional devices like fuel measuring device, gas analyzer, tachometer, stopwatch and dynamometer. Several kinds of ethanol-gasoline blends i.e. E-0, E-2, E-4, E-6, E-8, E-9, E-10, E-12 and E-14 were considered for investigation. The digits 0 to 14 represent the percentage of ethanol in gasoline. Gasoline Outcomes were analyzed after assessments from test results to find out best conditions in which it operates optimal. Cost Economic Analysis were performed to check the economical values of the blends, it becomes clear that the running cost of ethanol gasoline blend E10 is lower than the running cost of hi-octane gasoline.