Android emulator failed to allocate memory 8

Q:

Failed to allocate memory: 8
This application has requested the Runtime to terminate it in an unusual way.
Please contact the application's support team for more information.

A:

 

Update: Starting with Android SDK Manager version 21, the solution is to edit C:\Users\<user>\.android\avd\<avd-profile-name>.avd\config.ini and change the value

hw.ramSize=1024 

to

hw.ramSize=1024MB