No, P=E²/R or P= I*E, E= Element voltage, R= Element resistance
However I though t it would be 1/2 not 1/4 of the power.
We don't know the resistance of the element or the current.
The formula for the resistance is: R= E/I
The formula for the current is: I=P/E
Let's calculate the current:
P=2000W, E= 240 V
I= P/E, 2000/240= 8.333 Amps
Let's calculate the resistance:
R= 240/8.333= 28.80 Ohms (Element resitance)Now if we use the 2000 W, 240 V element with 120 V we get :
P= E²/R, 120²= 14400/28.80= 500 W