When you say that something is "good for the price", it means that it's better than other things that have a similar price, even though there are better ones that cost more.

In the same way, you can say that something is "___ for ___" whenever you want to compare something to other items in the same range. For example:

Sarah is tall for her age.

It was cheap for such a beautiful wedding.

 You can also compare how well or badly someone does something:

You speak Korean well for an American.