Answer to Question 1
Tensile strength is determined by the max force load sustained by a measured cross-sectional area. Toughness is calculated by the amount of energy that the material is able to absorb for a measured thickness before failure. Ultimate tensile strength can be high for a given material, but if failure occurs before significant elongation then toughness (energy absorbed, area under the curve) will be low. Conversely, if tensile strength is not high, but elongation is high, it is possible to have a greater toughness
Answer to Question 2
Establishing the cost if the product, decide on the profit that is considered appropriate and desired, and examine the market forces to determine what price will create the sale.