The air bubble is in the shape of a sphere.
Now, the volume of an air bubble (V) with radius (r) is given by,
V=43πr3
The rate of change of volume (V) with respect to time (t) is given by,
dVdt=43πddr(r3)⋅drdt43π(3r2)⋅drdt=4πr2drdt
It is given that drdt=12 cm/s
Therefore, when r=1 cm,
dVdt=4π(1)2(12)=2πcm3/s
Hence, the rate at which the volume of the bubble increases is 2πcm3/s.