 Solution

Faraday's law is $\mathcal{E}={\oint }_C(E+v\times B)\cdot dl=-d{\Phi }_B/dt$. Here $I=-L(B\dot{x}+x\dot{B})/R$ (sign relative to the chosen circuit orientation), and the bar force is $ILB$. For $B=B_0/(1+t)$ this gives the displayed equation with $\alpha =B_0^2{L}^2/(mR)$. At $\alpha =1$, the independent solutions are $u$ and $u{e}^{1/u}$, $u=1+t$; the data give $x=x_{0}u{e}^{1/u-1}$. Thus $\dot{x}\to x_0/e$ and total mechanical work is $m{x}_0^2/(2e^2)$. The current circulates to reinforce the decaying $+z$ flux, and its force drives increasing area, both opposing the flux decrease as Lenz's law requires.