Shredd the cheddar cheese and reserve.
Cook the elbow macaroni in a large pot of salted water according to package instructions. If you have two large pots, make the sauce simultaneously in the other pot. If you don’t, drain the pasta and drizzle it with a little olive oil to prevent it from sticking.
While the pasta is cooking, make the sauce: in the same pot or another large pot, melt the butter, and cook the flour for about 30 seconds.
Whisk in the evaporated milk and chicken broth. Cook for about 3-4 minutes or until it thickens. Add the paprika, mustard powder, onion powder, salt, and pepper to taste.
Add the parmesan cheese and stir until melted.
Remove from heat and stir in the shredded cheddar until it completely melts.
Mix in the cooked and drained elbow pasta and stir until well combined.