We derive an analytical model for the power flows in a magnetoacoustic resonator. The resonator consists of a piezoelectric-magnetostrictive bilayer system that can function as an electromagnetic transducer. The derived model captures the dynamic magnetic influence onto the elastodynamics via an effective frequency dependent stiffness constant. This allows to calculate both the transducer magnetic and elastic power loss as well as its efficiency in function of the frequency while also considering the resonance conditions. The model is applied onto an example system consisting of piezoelectric ScAlN and magnetostrictive CoFeB. In addition, the influence of the magnetic material parameters onto the power and efficiency are determined by comparing CoFeB with Nickel and Terfenol-D magnetostrictive layers.