I am trying to understand the formulas of ridge regression, lasso, and elastic net. If I got it correctly, the only difference between these 3 shrinkage methods is the penalty term,
i.e. for ridge regression $\lambda\sum_{j = 1}^{p}\beta_j^2$,
for lasso $\lambda\sum_{j = 1}^{p}|\beta_j|$,
and for elastic net $\lambda\sum_{j = 1}^{p}(\alpha\beta_j^2+(1-\alpha)|\beta_j|)$.
According to Hastie 2009 - The Elements of Statistical Learning - page 63, the formula for ridge regression is
\begin{equation} \hat{\beta}^{ridge} = argmin_{\beta}\left\{\sum_{i=1}^{N}(y_i - \beta_0 - \sum_{j=1}^{p}x_{ij}\beta_j)^2 + \lambda\sum_{j=1}^{p}\beta_j^2 \right\}, \end{equation}
so we are adding the ridge penalty to a usual linear regression model.
Since I assume that the only difference between ridge regression, lasso, and elastic net is the penalty term I would expect that the formula for the lasso would be
\begin{equation} \hat{\beta}^{lasso} = argmin_{\beta}\left\{\sum_{i=1}^{N}(y_i - \beta_0 - \sum_{j=1}^{p}x_{ij}\beta_j)^2 + \lambda\sum_{j=1}^{p}|\beta_j| \right\} \end{equation}
and
\begin{equation} \hat{\beta}^{elnet} = argmin_{\beta}\left\{\sum_{i=1}^{N}(y_i - \beta_0 - \sum_{j=1}^{p}x_{ij}\beta_j)^2 + \lambda\sum_{j=1}^{p}(\alpha\beta_j^2+(1-\alpha)|\beta_j|) \right\} \end{equation}
for the elastic net respectively.
However, according to Hastie 2009 - The Elements of Statistical Learning - page 68 the formula of the lasso is
\begin{equation} \hat{\beta}^{lasso} = argmin_{\beta}\left\{\frac{1}{2}\sum_{i=1}^{N}(y_i - \beta_0 - \sum_{j=1}^{p}x_{ij}\beta_j)^2 + \lambda\sum_{j=1}^{p}|\beta_j| \right\} \end{equation}
with a $\frac{1}{2}$ in front of the first $\sum$. According to Wikipedia there should be a $\frac{1}{N}$ in front of the first $\sum$.
Question 1: Why do I have to put a $\frac{1}{2}$ or a $\frac{1}{N}$ in front of the first $\sum$. What is the correct formula for the lasso?
Question 2: What is the correct formula for the elastic net? Do I also have to put $\frac{1}{2}$ or $\frac{1}{N}$ in front of the first $\sum$?