To calculate the pressure of the air pocket in a pressurized water column, it's essential to clarify the setup: a 2-inch vertical pipe, capped, containing 2 inches of air at the top and 40 psi of water at the bottom. The pressure measurement of 40 psi is taken at the bottom of the 24-inch tall pipe. As the water rises, the pressure decreases due to the height of the water column. The pressure drop can be calculated using hydrostatic pressure principles, factoring in the height of the water column and the density of the water. Understanding these elements will provide clarity on the pressure dynamics within the system.