The displacement current due to time varying electric field is given by:

$ε_0\frac{dφ_E}{dt}$

The correct answer is Option (2) → $ε_0\frac{dφ_E}{dt}$

The displacement current $(I_d)$ due to time carrying electric field is,

$I_d=ε_0\frac{d\phi_E}{dt}$

where,

$ε_0$ = Permittivity of free space.

$\frac{d\phi_E}{dt}$ = Rate of change of electric flux.