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What is the developed electric field when a conducting loop is placed in a magnetic field that varies with time ? I know that an emf is generated in the loop due to which current flows through it but what is the electric field ?

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According to the integral Maxwell-Faraday equation, the induced electric field $E$ in a circular conducting loop (radius $R$, area $A$) in a varying perpendicular homogeneous magnetic field $B$ is given by $$E=\frac{\int \vec E d\vec r}{2\pi R} =\frac{-A\frac {dB}{dt}}{2\pi R}=-\frac{R}{2}\frac{dB}{dt}$$

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