Step 1: Understanding the Concept:
We analyze the geometric conditions for the most economical open channel cross-sections and the basic properties defining compressible fluid flows.
Step 3: Detailed Explanation:
1.
Statement (I): A rectangular channel is most economical when its hydraulic radius \(R\) is half the depth of flow (\(R = y/2\)).
This condition is satisfied when the width of the channel (\(b\)) is twice the depth of flow (\(b = 2y\)).
Since the statement claims the channel is most economical when the width is equal to the depth of flow (\(b = y\)), Statement (I) is incorrect.
2.
Statement (II): In compressible fluid flow, the density of the fluid (\(\rho\)) changes significantly throughout the flow field as pressure changes.
For constant density flows, the flow is classified as incompressible.
Therefore, Statement (II) is incorrect.
Step 4: Final Answer:
The correct option is 2, which corresponds to "Both Statement (I) and Statement (II) are incorrect".