Hi..
Not a 700 level Q. ~ 600
It has statement I, which does not mean anything to Q as no value of variables given and can be eliminated without any thinking..

We know the formula as axb, which is poorly written and must be meaning a*b, or a^b and we just require value of variables p and q..
Statement II gives the value as 2 and 2..
With2 as values 2*2 or 2^2 would both be 4. So here it does not matter what # means '*' or '^'
Sufficient
B
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In Statement 2, subsituting 2 for the values of P and Q both gives the value 4. ie 2^2 or 2x2 and hence we get a answer ie B

Hi..

Statement I tells us 2#2=4...
This just tells us that it could be 2*2 or 2^2 as both are equal to 4..

We are looking for p# q which is p*q or p^q..

Here we cannot equate p #q as 2#2, as there is nothing in question that shows the two are related.
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Inline are my 2 cents

Statement (1) -> Its just a statement which is not speaking about p and q, 2#2 can be p and q respectively or not.
Making statement 1 not sufficient.

Statement (2) -> This is sufficient by itself, p^q = 2^2 =4 and p*q = 2*2 = 4.

As it is giving a unique answer, Correct answer B.
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