To the latest setup and information if you have installed the Android Studio (i.e. 1.5) and trying to target SDK 4.0 then you may not be able to locate and setup the and AVD Emulator with SDK-vX.XX (with Google API's).
To the latest setup and information if you have installed the Android Studio (i.e. 1.5) and trying to target SDK 4.0 then you may not be able to locate and setup the and AVD Emulator with SDK-vX.XX (with Google API's).