When an AC (sinusoidal) voltage is applied to an impedance, both the current
and the voltage are sinusoidal function of time. That presents problems
when calculating power because the power fluctuates as the voltage and
the current change.
Consider the case of a resistor. The current and the voltage are
given by:
v(t) = Vmax cos(wt)
i(t) = Imax cos(wt) = (Vmax/R)cos(wt)
P(t) = (Vmax cos(wt))( Imax cos(wt))
We can manipulate the power time function to see things a little more clearly:
P(t) = (Vmax Imax cos2(wt))
P(t) = (Vmax Imax )(1 - cos(2wt))/2
This is an interesting result, because it really says that the average power is:
Pavg = (Vmax Imax )/2
You can convince yourself that this is true if you consider that the average value of the cosine function over a period is zero. What's left is the result above. In the early days of municipal electrical distribution systems it was necessary to design light bulbs that worked on both AC and DC. A 100 watt bulb that worked on a DC system had to work on an AC system as well. There were many other reasons to worry about equivlance between AC and DC systems, so there had to be some way of making things equivalent - determining an equivalent AC voltage that produces the same power in a resistor as that value of DC voltage. The convention since that time has often been to represent AC signals in terms of a heating equivalent. For sinusoidal signals that equivalent is given by:
Vequiv = Vmax /(SQRT(2)
The effective value is then the peak value of the sine voltage divided by the square root of 2.
Now, what happens if we have a general impedance, Z, instead of a resistor R. Assume we have an impedance:
v(t) = Vmax cos(wt)
So, now the power - as a function of time - is given by:
P(t) = (Vmax cos(wt))( (Vmax /|Z|)cos(wt - f))
P(t) = (V2max/|Z|)cos(wt)cos(wt - f))
Here is a circuit with the following parameters.

First, note that the voltage starts at zero, and has the look of a typical sine wave. The current begins at a negative value in the plot, and peaks 45o after the voltage. The peak value of the voltage is 10 v, and the peak value of the current is 5 A.
Now, examine the power. There are a number of interesting points in the plot of the instantaneous power.

How do you determine the load impedance, ZL, which will draw the most power from the source?
In order to answer this question, you need to account for the fact that the load impedance and the source impedance may both be complex.
We will break both the output impedance, and the load impedance into real and imaginary parts.
Z0 = Z0,r + j Z0,i
ZL = ZL,r + j ZL,i
Now, the current flowing in the circuit is given by:
IL = V0/( Z0 + ZL)
and the power delivered to the load is given
by:
UNDER CONSTRUCTION