The given dimensions represent the measurements of a rectangular prism:

• $l = 2 \frac{1}{2} \, \text{cm} = \frac{5}{2} \, \text{cm}$
• $w = \frac{1}{3} \, \text{cm}$
• $h = 3 \, \text{cm}$

The formula for the volume of a rectangular prism is:

$\text{Volume} = l \cdot w \cdot h$

Substituting the values:

$\text{Volume} = \frac{5}{2} \cdot \frac{1}{3} \cdot 3$

Step-by-step calculation:

1. Multiply $\frac{5}{2} \cdot \frac{1}{3} = \frac{5}{6}$
2. Multiply $\frac{5}{6} \cdot 3 = \frac{15}{6} = 2.5 \, \text{cm}^3$

Final Answer:

The volume of the prism is 2.5 cm³.

Let me know if you'd like a detailed breakdown or have further questions! Here are some related questions to explore further:

1. How is the volume of other prism shapes calculated?
2. Can the surface area of this prism also be determined with these dimensions?
3. How does changing one dimension affect the volume of a prism?
4. What real-world objects resemble a prism with these proportions?
5. How would you convert this volume to cubic millimeters?

Tip: When working with fractions in formulas, converting them to improper fractions can simplify calculations.