caching-example.js

var myLib = (function() {
    // Using IIFE + Closure
    var $cachedLookup = $('.element');

    function hideCachedElement() {
        $cachedLookup.hide();
    }

    return {
        hide: hideCachedElement
    }
})();

myLib.hide();
//////
/// Using constructor/prototype pattern
function ExampleLib() {
    this.$cachedLookup = $('.element');
}

ExampleLib.prototype.hide = function() {
    this.$cachedLookup.hide();
}

var example = new ExampleLib();
example.hide();