I taped this movie off of The Disney Channel 20 or so years ago and just watched it again. IMDb says this movie was released in 1974, but TV Guide listed it as 1984. There's no copyright date on the film itself.
A very absent-minded professor and his school boy assistant are about to conduct an experiment, but first they must have their morning tea! The professor accidentally puts brown "reducing tablets" into their cups instead of sugar cubes. Suddenly they shrink! The rest of the movie is basically a children's version of The Incredible Shrinking Man. Bad guys want the professor's formula, and the boy's older sister must find a way to get the professor and her brother to another kind professor so they can be restored to normal size.
I found this movie to be fun, despite the very silly nature of the whole movie. I particularly loved Debra Collins, who plays Liz, the older sister. She spends most of the movie in a miniskirt and looks great in it. The special effects are low budget, and some scenes look like there was only one take (Debra's miniskirt is caught on her bicycle seat), but I enjoyed it anyway. Another Miramax acquisition that needs a DVD release. (See also my review for The End Of The World Man.) By the way, the title I saw it under was Professor Popper's Problems.