MCQ paper has only one hour. So If you takes 1 minute per question, you will have 20 minutes left. But for some questions, candidates spends too long because they are rather difficult or they dont know the short cut.
Regarding the Price elasticity of demand calculation, question often comes with a sentence, diagram or a table. The traditional formula tells
PED = % change in QD/ % change in P
So, when the percentage is not given, apparently, the students have to calculate the % change in price and % change in Quantity.
However, an alternative formula can ease and make your calculations fast. The formula is
PED = change in Q/ initial Q x initial price / change in P
For example, An increase of price from MVR 10 to MVR 12 leads to fall in quantity demanded from 20 units to 15 units.
Using the fast formula PED = 5/20 x 10/2 = 1.25
However, if you use traditional formula, you have to calculate the % change in price and quantity and obviously it consumes time. The traditional formula however is important when you attempt a paper 2 question on PED
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