Display hiding file in Lion OS X

Wondering where is Application folder in  Lion OS X ?  XCode stores cache for Simulator when you install the app.

Its actually  hidden, you can do following steps to make it appear.

1. Open in Finder Application>Utilities>Terminal
2. Write the following line in Terminal Window:

   defaults write com.apple.Finder AppleShowAllFiles YES

3. Press return
4. Close the Finder.

You should find all the hidden files or folders next time you launch the Finder Window. After finding your cache folder you can again hide all hidden files by writing following line in Terminal Window

defaults write com.apple.Finder AppleShowAllFiles NO

Where to locate the cache folder ?