Step 1: According to the ICAO standards, the basic runway length should be adjusted to account for elevation changes above mean sea level. The standard correction factor specified by ICAO is:
\[
\text{Runway length increase} = 7\% \text{ for every } 300 \text{ meters rise in elevation.}
\]
Step 2: This adjustment accounts for the reduced air density at higher elevations, which affects aircraft performance, requiring a longer runway for safe takeoff and landing.
Step 3: Reviewing the given options, the correct values aligning with ICAO guidelines are:
\[
x = 7\% \quad \text{and} \quad y = 300 \text{ m}
\]
Conclusion: The correct answer is option (A), which states \( 7\% \) increase for every \( 300 \) m elevation rise.