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New hunter and experienced hunter are sitting in a hunting blind in a field. New hunter explains how increased income and wage have increased his budget constraint and labor-leisure for hunting deer. Experienced hunter explains how these factors have limited his budget constraint and labor-leisure budget.
Both hunters see a large and small deer. They talk about the scarcity of the deer population. How shooting a deer with good genetics will deplete the deer population. Then they talk about how not shooting a deer would affect their opportunity cost.
Hunters determine the cost of each deer. The bigger one costs more. Old hunter lets young hunter shoot deer because shooting a deer will lower the young hunters opportunity cost. Young hunter shoots smaller deer because it has a lower opportunity cost and leaving the bigger deer will better improve the deer population.
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