Lost_Rage_Points = 1100 * Absorbed_Damage / Unit_Health
Let's consider an example with a unit of 70 Executioners. The health of one Executioner (without modifiers) = 40. 40 * 70 = 2800 - the total health of the unit. This is a standard situation where the Barbarian has Blood Rage at an expert level, meaning 70% of the damage is absorbed. Our Necromancer is level 25. This is quite realistic and achievable. Therefore, the Earth elementals will deal 75 damage. 70% of this is absorbed, so the absorbed damage = 52 damage (approximately). Next, we plug this into the formula:
1100 * 52 / 2800 = 20 rage points lost.
And this is with 70 Executioners, which is not the limit by the end of the game. Although, of course, everyone can decide for themselves how accurately I have matched the number of units, the hero's level (although, plus or minus a few damage units shouldn't make much difference), and whether this is a lot of rage points or not. :)
Bow down and hear our cry,
Our earthly rulers falter,
Our people drift and die,
The walls of gold entomb us,
The swords of scorn divide,
Take not thy thunder from us,
Take away our pride.
G.K. Chesterton: English Hymnal