The assignment is to create a class called Gadget with two subclasses, Mobile and MP3. The Gadget class has four attributes: model, price, weight, and size. Each subclass (Mobile and MP3) has its own specific attributes and methods. The Mobile class has an attribute for the number of minutes of calling credit remaining and methods to add credit, make a phone call, and display details. The MP3 class has an attribute for available memory and methods to download and delete music, as well as display details.