I know "Bob's house" and "Bob's" mean the same thing.
Question 1: Is there a name for this grammatical phenomenon? Can one call it an abbreviation?
Question 2: In the context of within a university, can I simply call "Professor Bob's lab" "Professor Bob's"?
Example: I am interested in the labs of Professors A, B and C. I also like Professor Bob's.
Is the example sentence formal and correct? Do people understand that I'm referring to the lab of Professor Bob?