Step 1: Determine the order.
The order of a differential equation is the highest derivative in the equation. In this case, the highest derivative is \( \frac{d^2y}{dx^2} \), so the order is 2.
Step 2: Determine the degree.
The degree is the exponent of the highest derivative when the equation is made polynomial. The equation contains \( \left( \frac{dy}{dx} \right)^3 \) raised to the power \( \frac{3}{2} \), so after making the equation polynomial by clearing the fraction, the degree is 3.
Step 3: Conclusion.
Thus, the order and degree of the differential equation are 2 and 3, corresponding to option (B).