The runtime for selected device is not installed error

ios, ios-simulator, ios8, xcode6

Solution

I renamed xode 5 back to xcode.app and it worked. iOS simulator will not run if we rename the xcode.

Problem

I am trying to run application using xcode 6 on ios8 simulator but I am getting error `"The runtime for selected device is not installed ".` I have set the command line tool in preferences but no luck. Please help.

Original source