Packaging protects agricultural products, grading ensures quality standards, and price elasticity of demand measures demand changes with price.
Product Protection: Packaging plays a significant role in protecting agricultural products by preventing physical damage and reducing waste. It also helps with communication, integration with various systems, and ensuring product quality and freshness.
Grading: The process of sorting agricultural products according to set standards is known as grading. This ensures that products meet certain quality criteria and helps in market segmentation based on quality.
Price Elasticity of Demand: This measures how demand for a product changes in response to a change in price. Understanding this concept is crucial for pricing strategies and market analysis.
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