Ethyl levulinate is a promising advanced biofuel and platform chemical that can be derived from lignocellulosic biomass by ethanolysis processes. It can be blended with both diesel and gasoline and, thus, used in conventional engines and infrastructure. Previously, it has been shown that alkyl levulinate/alcohol/alkyl ether mixtures exhibit significantly enhanced fuel properties relative to any of the individual fuel components, particularly when blended with conventional hydrocarbon liquid fuels. Consequently, this study specifically quantifies the three primary components of the alcoholysis reaction mixture: ethyl levulinate, diethyl ether, and ethanol. The steady state and kinetic phase fractions of ethyl levulinate and diethyl ether produced from glucose, cellulose, and corn cob with 0.5-2 mass% sulphuric acid in ethanol are determined for 5, 10, and 20 mass% of feedstock at 150 °C. Knowledge of the steady state equilibrium mixture fraction is specifically targeted due to its importance in assessing commercial-scale production and in modelling analysis as: (i) it defines the maximum yield possible at a given condition, and (ii) it is equitable to the minimum free energy state. Maximum steady state yields (mass%) of ethyl levulinate of (46.6 ± 3.7), (50.2 ± 5.4), and (27.0 ± 1.9)% are determined for glucose, cellulose, and corn cob, respectively. The conversion of glucose and cellulose to ethyl levulinate in the presence of ethanol and sulphuric acid is shown to be a catalytic process, where the ethyl levulinate yield is not dependent on the acid concentration. For corn-cob biomass, in a new and contrasting finding, the ethyl levulinate yield is shown to strongly depend on the acid concentration. This effect is also observed in the fractions of diethyl ether formed, providing strong evidence that the hydrogen cation is not being replenished in the ethanolysis process and the overall reaction with corncob is not wholly catalytic. Thus, for the acid catalysed alcoholysis of lignocellulosic biomass, acid concentration must be scaled with feedstock concentration. The critical corn cob-to-acid ratio that maximises ethyl levulinate yields while minimizing the formation of undesired co-products (diethyl ether) is in the range 10-20 : 1 at 150 °C. A detailed, hierarchical, mass-conserved chemical kinetic model capable of accurately predicting the relative abundance of the three primary components of the ethanolysis reaction: ethyl levulinate, diethyl ether, and ethanol, from the biochemical composition of the feedstock, is elucidated and validated.