You need to adjust your adb ram size.
First open android studio.Then at the top icon bar you can find this icon.Click it.This will open all available virtual device you have.Select your virtual device and at the right you can find this icon .Click it.This will open a new window.At the bottom of this window you can find this .Click it.Then there will be a section like this .Then change RAM size 1536 to 512.Like this .Now click finish and run your application.
Edit:
If your target api is upper than 19 then you need to adjust your haxm installer ram size because when you run your app the avd ram size will increase to 1 GB.
So how to adjust your haxm installer ram size.Follow the step mentioned below.
If you install android studio by it's default position then you can find haxm installer in this locaiton
'C:\Users\Niyamat\AppData\Local\Android\sdk\extras\intel\Hardware_Accelerated_Execution_Manager'
Go to this location(make sure you change userName Niyamat to your username).Click "intelhaxm-android" and run it.Then an alert dialog pop up like this click yes.Then click Next.And finally click Set manually.and remove 512 and add 1024.Something like this .Then click next then install.Wait few seconds for install.And that's it.I think now you can run your app on your virtual device.
Hope this help!