Step 1: The given differential equation is: \[ y \, dx + x \, \log{\left(\frac{y}{x}\right)} \, dy - 2x \, dy = 0 \] Rewriting it, we get: \[ y \, dx + \left( x \log{\left(\frac{y}{x}\right)} - 2x \right) dy = 0 \]
Step 2: The equation is of the first order as the highest derivative involved is \( \frac{dy}{dx} \).
Step 3: The equation does not involve any fractional power of the highest derivative, and the degree is the exponent of the highest derivative, which is 1.