How do I “select Android SDK” in Android Studio?

After a successful import of an Eclipse-Android-Project into “Android Studio 1.4”, I get the error

“Please select Android SDK”

when I click on the button to run the application in simulator, but I can’t find any way of doing that.

This dialog opens when I click on “run”:

This is the “project structure” dialog:

What should I do now?

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