The problem turns out to be simple math. If we take the formula for calculating DPI as
dpi = sqrt(height^2 + width^2)/(screen size in inches)
it becomes obvious that you cannot select all three components when starting the emulator - only two, and the android will calculate the missing component.
From my original question above, I indicated a constant resolution (480x800) and a constant screen size (5 inches). But the 480x800 always produces a DPI of about 186 dpi. Thus, making DPI different in each of these cases, the Android emulator got confused, and I think that it dropped my indicated original resolution and computed its own.
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