It's all confusing - your teacher should have made it all crystal clear to you, and if it's for an exam, what ABRSM states is what they believe is best for that performance. there are no bonus marks for playing a piece faster! Although there's always room for interpretation, particularly at the higher grades, and that will inevitably include tempo, which for this sort of piece, needs to be pretty regular from beginning to end.
If the metronome is set at 60 (one per second), for each quaver, then in 2/4 time, there will be 4 clicks per bar.Most of the versions I've heard are played at around 110 - 130bpm, thus two clicks ber bar, making the four semis and two quavers (the motif) last for one second (ish). So there's some confusion. Seems like you think teacher wants it at about half speed! Maybe for learning, it's not a bad thing. I'd suggest setting the metronome at 90 - 100, and use it to count 2 in a bar - if yours has a ping as well, each bar will be 'ping, click'.
At the recommended 80bpm, it seems rather slow for a grade IV piece. -Or, at double, way too quick! However, at any time when you don't understand what the teacher wants, it's your right to have it made clear, and their responsibility to know that you do understand clearly.