It means the weight of 500 sheets of the basis paper used to make the finished product. For instance, standard 8-1/2" X 11" paper is actually cut from a 17" X 22" basis, which produces 4 sheets when cut. So, 500 sheets of 17" X 22" paper that weighs 20 pounds would be 20 lb paper. Once it is cut and packaged for sale, 500 sheets no longer weighs 20 pounds, so the number becomes a guide for you to judge the relative thickness of different papers.
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Mathematically they have equal value, assuming that a 50 dollar bill has the same mass (weight) as a 20 dollar bill. Think of it like this: let's say that there is a quantity (N) bills in 1 pound (lb).The 20 lb bag has 20*N bills; each bill worth 50, so 20*N*50 = 1000*N.50 lb bag has 50*N bills; each bill worth 20, so 50*N*20 = 1000*N.On a practical note, each one has an advantage, which may or may not be of different 'worth' to the user. The 20 pound bag will definitely be easier to carry around than the 50 pound bag, but then $20 bills should be easier to spend than $50 bills.
60 minutes = 1 hour → 20 minutes/lb x 20 lb = 400 minutes = 400 ÷ 60 minutes = 6 hours 40 minutes. [Cooking time would be 7 hours, as an extra 20 mins is [usually] added.]
20 oz = 1.24999 lb20 oz = 1.24999 lb20 oz = 1.24999 lb20 oz = 1.24999 lb20 oz = 1.24999 lb20 oz = 1.24999 lb