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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?

1

I think it's just called...

deletion - any process whereby sounds or words are left out of spoken words or phrases.

In OP's case the words house and lab are simply deleted. It gets a bit more complicated with, say, "I liked his answer, but I didn't like yours" (where the "full" version is your answer).

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