Average Power in an AC Circuit
The instantaneous power at any one moment is the same as in a DC circuit - Joules Law
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The average power is the time average of the power over one period.

For a current driven circuit we can rewrite this as,

This equations can be applied to any of the components in an RLC circuit or the oscillator driving the circuit.
Inductor: f = p/2 and cos(p/2) = 0
Thus an ideal inductor can not dissipate any energy, it can only store energy.
Capacitor: f = -p/2 and cos(-p/2) = 0
Thus an ideal capacitor can not dissipate any energy, it can only store energy.
Resistor: f = 0 and cos(0) = 1
Thus only the resistor can dissipate energy as heat. Since Z = R for a resistor,
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Oscillator: Z is the impedance of the RLC curcit elements. Since the maximum voltage generated by the oscillator is related to the maximum current by
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We can rewrite the average power as,
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This represents the power that the oscillator must supply to drive the circuit which is also identical to the power dissipated by the resistor. Note that the maximum/rms voltage generated by the oscillator is not equal to the maximum/rms voltage across the resistor except when the circuit is in resonance where f = 0.
Power Factor: The term cos(f) is called the power factor of RLC circuit. The power factor is often expressed as a percentage (between 0% and 100%) and is a measure of the percentage of the maximum power that the circuit could deliver if it was driven at resonance.