Press for 3 dots. Then Press the Settings and in top right corner you will see the screenshot folder location.
Beginning Android by Saving an emulator's state to a snapshot file enables the emulator to be started quickly the next time you try to launch it, effectively bypassing the lengthy boot-up time. This is especially useful for the Android 3.0 emulator, which can take up to five minutes to boot up.
You can simply press the shortcut key i.e. ctlr + S to take screenshot in the emulator. Also there is a button given on the emulator to take the screenshot. Simply press this button button and you'll have a screenshot of the emulator.
Starting with Android Studio 2.0 you can do it with the new emulator:
Just click 3 "Take Screenshot". Standard location is the desktop.
Or
UPDATE 22/07/2020
If you use the emulator inside Android Studio which is possible since Android Studio 4.1 click here to save the screenshot in your standard location:
Click on the Monitor (DDMS Included) button on the toolbar -- it looks like the Android bugdroid:
That will bring up the DDMS window. Select the emulator instance from the Devices tab on the left, and click on the camera button in the toolbar above it, next to the stop sign icon:
Note that if your emulator is running Android 4.4 or I think 4.3, then screen capture functionality is broken -- you'll have to use a physical device to get screenshots on those OS versions. It works okay for Android prior to 4.3. That bug is https://code.google.com/p/android/issues/detail?id=62284
You can capture a screenshot from Android Studio as shown in the image below.
To take a screenshot of your app:
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