One diode passes the positive portion of the sine wave into R1. A constant forward drop delays conduction until the input exceeds that voltage. The average output includes the non-conducting part of each cycle; it is not the peak voltage.
vo(t)=max(0,Vpsin(2πft)−VF)
Constant-drop diode, ideal source and resistive load; no smoothing capacitor. The guest diode has a small on resistance.
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