Do note that magic and elemental resistances act differently. Magic res is a percentage chance to ignore the spell all together where as with elemental resistance you resist the said percentage of the damage every time.
But to the question in hand, my guess is that they work independently, but the question is which one does the game check first. It would be logical to check ignoring effects first (as in absorption and then spell resistance) and then if the spell gets past them it checks elemental resistances.
Magic absorption is the ignoring one that you're thinking about, not resistance.
Magic resistance works the same way it does in Oblivion, where the word "magic" is a blanket term which encompasses every magic effect in the game. It reduces the damage of all spells by X%. After that check is passed, the damage is further reduced by your elemental resistances by X%, up to a maximum of 85% for both.
The "checking" order goes absorption -> magic resistance -> elemental resistance.
My question is basically asking if your magic and elemental resistances influence how much magicka is absorbed. I'm pretty sure that it doesn't at this point, considering that spell absorption is checked before magic resistance.