14.7 is typically the chemically balanced air to fuel ratio for commercially available petrol.
This means that if combustion is complete, all the fuel and all the free oxygen in the air is consumed.
In point of fact, the quality of the mix of air and fuel is never good enough for all fuel and all free oxygen to react or combine in the time the fuel mixture is in the combustion chamber and the piston is in a position to gain from the expansion caused by the heat of the combustion.
To get maximum power, you need to use all the air early in the power stroke so the pressure gets maximum exposure to the piston as it moves down. This requires extra fuel so there is a better chance of some fuel molecule being close to all the oxygen molecules, but not so many that it displaces to much air, or so that the combustion is so incomplete that soot deposits become a problem.
To get maximum economy you need an excess of air so that all the fuel is consumed, but there needs to be enough to sustain a stable flame front and to prevent free oxygen reacting with internal engine parts.
Only tests will determine the best ratio for either situation. Lots of interrelated variable exist that have an influence, including size and distribution of fuel particles, temperature of intake air, temperature of manifold and cylinder and cylinder head walls, air speed, shear in the airflow and turbulence, turbulence in the combustion chamber, combustion chamber size and shape, quality of ignition system, compression ratio etc.
Regards
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