The assignment content discusses inverse variation, where one quantity increases as another decreases. The concept is illustrated using a rational function y = 1/x and its graph on Desmos. A real-life problem involving speed and time required to travel from home to college is used to demonstrate the application of inverse variation. Data analysis in Microsoft Excel shows that as time increases, speed decreases, following the same trend as the rational function. The equation v = d/t is used to predict speed given time, or vice versa.