Step 1: Understanding pCO$_2$.
pCO$_2$ refers to the partial pressure of carbon dioxide present in a gas mixture.
Step 2: Composition of inspired air.
Inspired atmospheric air contains a very low concentration of CO$_2$.
Step 3: Physiological value.
During external respiration, the pCO$_2$ of inspired air is approximately 40 mm Hg.
Step 4: Conclusion.
Hence, the correct answer is 40 mm Hg.