Pricing Strategy: value, bundles and discounts

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I'm learning "Pricing Strategy: value, bundles and discounts" on The Future Market. Lesson 1: "Value-based pricing: what is the result worth?".

What the lesson teaches:
- In course 2.4 you met three ways to price: cost-plus, competitor-based and value-based. Cost sets your floor. Value helps you find how high you can go.
- Economic value to the customer (EVC) is a common textbook tool:
- Reference value = what the customer pays today for their next-best alternative (a competitor, a do-it-yourself way, or doing nothing).
- Differentiation value = the dollar value of how your offer is better (or worse) than that alternative.
- EVC = reference value + differentiation value.
- EVC is a ceiling for a sensible buyer, not a target. You choose a price between your floor and the EVC. Leaving the customer a clear gain is what makes them say yes. There is no fixed rule for how much of the difference to keep.
- Value pricing works best when the benefit is clear and measurable (time saved, money saved, more sales). It works less well in markets where buyers see everything as the same.

The exercise I'm working on:
Build an EVC table for one product or service. Write your floor, the EVC and a price between them. Write which number is the weakest guess and how you will check it with a customer.

I'm stuck. Please:
1. Explain the main idea in plain, simple words with one everyday example.
2. Walk me through the exercise one small step at a time. Ask me what I've done so far before giving the next step.
3. Don't just give me the final answer. Help me do it myself, and check my work when I share it.

I'm a parent helping my child (about 8 years old) with a lesson called "Value-based pricing: what is the result worth?" from the course "Pricing Strategy: value, bundles and discounts".

Here's what the lesson says:
Think of an umbrella. On a sunny day nobody wants one. In a downpour it is worth a lot to the person standing in the rain. The umbrella did not change. What it does for the buyer changed. Value-based pricing asks: what is this worth to this buyer, compared with what else they could do?

The activity:
Build an EVC table for one product or service. Write your floor, the EVC and a price between them. Write which number is the weakest guess and how you will check it with a customer.

Please explain this so an 8-year-old understands: short sentences, a fun everyday example, and no hard words.
Then give me 3 simple questions I can ask my child to check they understood, and a way to do the activity together, one tiny step at a time.