Volume of the air chamber = V
Area of cross-section of the neck = a
Mass of the ball = m
The pressure inside the chamber is equal to the atmospheric pressure.
Let the ball be depressed by x units. As a result of this depression, there would be a decrease in the volume and an increase in the pressure inside the chamber
Decrease in the volume of the air chamber, ΔV = ax
Volumetric strain = Change in volume/ Original volume
⇒ ΔV/V = ax/V
Bulk Modulus of air B = Stress/Strain = -p/ax/V
In this case, stress is the increase in pressure. The negative sign indicates that pressure increases with a decrease in volume.