Android Studio SDK location
Solution 1:
For Mac/OSX the default location is /Users/<username>/Library/Android/sdk
.
Solution 2:
Android Studio on Windows 8:
C:\Users\username\AppData\Local\Android\sdk\extras\intel\Hardware_Accelerated_Execution_Manager\intelhaxm-android.exe
(in username : please enter valid username)
Install it and restart your Android Studio.
The above steps are similar for win 7 and also same for eclipse.
Update: Windows 10 (similar steps) - pointed out by RBT