After Upgrading from Xcode 4.2 to Xcode 4.3, instruments command line fails

Question

After upgrading from Xcode 4.2 to Xcode 4.3, the instruments command line tool fails with the following error:

Error: No developer directory found at /Developer. Run /usr/bin/xcode-select to update the developer directory path.

Answer 1

sudo /usr/bin/xcode-select -switch /Applications/Xcode.app/Contents/Developer