tad upākarṇya bhagavān
prahasya jagad-īśvaraḥ
vyājahāra punar gopān
darśayan laukikīḿ gatim
tat -- that; upakarnya -- hearing; bhagavan -- the Supreme Lord; prahasya -- laughing; jagat-isvarah -- the controller of the entire universe; vyajahara -- addressed; punah -- again; gopan -- the cowherd boys; darsayan -- showing; laukikim -- of the ordinary world; gatim -- the way.
Hearing what had happened, the Supreme Personality of Godhead, the Lord of the universe, simply laughed. Then He again addressed the cowherd boys, showing them the way men act in this world.
By laughing, Lord Krishna indicated to the cowherd boys that they need not be angry at the ritualistic brahmanas but should understand that one who begs will often be refused.
