भोज्यं भक्ष्ये

Operational rule vidhi

भोज्य preserves its palatal in the sense of 'eatable'.

Word by word (padaccheda)

Substitute / term भोज्यम् prathamā · ekavacanaRight context भक्ष्ये saptamī · ekavacana

Substitute / term Prathamā (1st case): in operational rules, the substitute or the thing introduced; in definitions, the term or its referent.
Right context Saptamī (7th case): "when X follows", the operation applies to what precedes (1.1.66 तस्मिन्निति निर्दिष्टे पूर्वस्य). Also a condition or domain ("in the sense of").

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Full reading

भोज्यम् भक्ष्ये

Pāṇini leaves out words that carry over from earlier sūtras. Expand to see the rule as a reader actually understands it.

Commentary

भोज्य preserves its palatal in the sense of 'eatable'.
The word is derived from भुज् with ण्यत् in the sense of 'able'. As भोज्य ओदनः 'eatable rice', भोज्या यवागूः 'eatable barley-gruel'. भक्ष्य here means anything which is fit for being eaten. When not having this sense, we have भोग्यः कम्बलः ॥

Śrīśa Chandra Vasu, The Ashtadhyayi of Panini (1897), via ashtadhyayi.com.