This often happens when something goes wrong with envsetup.sh.
Please re-run "source build/envsetup.sh" and let us know if it outputs any error or if that suddenly allows the emulator to work.
JBQ
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Jean-Baptiste M. "JBQ" Queru
Software Engineer, Android Open-Source Project, Google.
Questions sent directly to me that have no reason for being private will likely get ignored or forwarded to a public forum with no further warning.