Step 1: Power is defined as the rate at which work is done or energy is transferred, which can be calculated using the formula: 
 P = \dfrac{W}{t} 
where:
 P = power (in watts),
 W = work or energy (in joules),
 t = time (in seconds).
Step 2: Given that 48,000 Joules of energy are emitted by the hair dryer each minute (1 minute = 60 seconds), we can substitute these values into the formula to find the power in watts:
 P = \dfrac{48,000}{60} = 800\text{ watts} 
Step 3: To convert the power from watts to horsepower, we can use the conversion factor: 1 horsepower = 745.7 watts. So, we can calculate the power in horsepower:
 P_{\text{hp}}=\dfrac{800}{745.7}\approx1.07\text{ horsepower} 
Therefore, the power of the hair dryer is 800 watts and approximately 1.07 horsepower.
Answer: The power of the hair dryer is 800 watts and approximately 1.07 horsepower.