Sizing the Market: The Piano Tuners of NYC - Quant Trader Interview Question
Difficulty: Hard
Category: Mental Math & Estimation
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Topics: fermi-problems, estimation, market-sizing, supply-and-demand, systems-thinking
Problem Description
You are interviewing for a Quantitative Analyst position at a macro hedge fund. The interviewer asks you to estimate the market size for a niche service in a specific geography to test your ability to construct a logical pricing chain using only fundamental variables.
The Question: Estimate the number of full-time piano tuners currently operating in New York City.
Assumptions:
Population of NYC $\approx 8,500,000$.
Average household size $\approx 2.5$ people.
Workable days per year $\approx 2
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