My general rule with pocket pairs is that I will call a raise provided that I can win 15 times the chips that I need to call. Basically, you hit a set 1 in 7.5 times and assuming that (on average) you win half of opp's stack (or your stack if that is shorter) 50% of the time then that's where I get the 1 in 15 number from.

In this case, since you can win at least $3.92 by calling $0.12, it's an easy preflop call. Once you don't hit your set on the flop, instafold with that action in front.

BTW, always buy in for full. How bummed would you be if you did hit your set and MP1 was giving you action?