Step 1: Use Faraday's law of electromagnetic induction.
The magnitude of induced emf in a loop is given by
\[
\varepsilon=\left|\frac{d\Phi}{dt}\right|
\]
For one circular loop,
\[
\Phi=BA
\]
Since the magnetic field is perpendicular to the plane of the loop,
\[
\Phi=BA
\]
Therefore,
\[
\varepsilon=A\left|\frac{dB}{dt}\right|
\]
Step 2: Find the area of the circular loop.
Given radius,
\[
r=14\,\text{cm}=14\times 10^{-2}\,\text{m}=0.14\,\text{m}
\]
Area of the loop is
\[
A=\pi r^2
\]
\[
A=\pi(0.14)^2
\]
\[
A=\pi(0.0196)
\]
Using
\[
\pi=\frac{22}{7}
\]
\[
A=\frac{22}{7}\times 0.0196
\]
\[
A=0.0616\,\text{m}^2
\]
Step 3: Use the rate of decrease of magnetic field.
The magnetic field decreases at a steady rate of
\[
\left|\frac{dB}{dt}\right|=0.05\,\text{T s}^{-1}
\]
So,
\[
\varepsilon=A\left|\frac{dB}{dt}\right|
\]
\[
\varepsilon=0.0616\times 0.05
\]
\[
\varepsilon=0.00308\,\text{V}
\]
Step 4: Convert volt into millivolt.
Since,
\[
1\,\text{V}=1000\,\text{mV}
\]
we get
\[
0.00308\,\text{V}=3.08\,\text{mV}
\]
Step 5: Final conclusion.
Therefore, the magnitude of the emf induced in the loop is
\[
\boxed{3.08\,\text{mV}}
\]