I feel for you man. Not just because you are having issues but also there are a ton of lemons for the Merc 50 hp standard. I owned one as well. Worst motor ever. Mine had a part failure in what mixes the oil and gas. Too much oil, smoke, mess and I also had a power problem like you. Ended up turning it back into the dealer and upgraded to a Evinrude E-tec 75 hp. Never been happier. Running 4 years straight with no maintenance and tons of hours on it. Amazing thing. Will plane your boat in 20 feet...torque!!!
I knew of 2 others how had the stock 50 hp Merc and both had issues. One guy the exact same as me and the other just a fuel line problem. That is one bad track record IMHO. Merc does make great motors. I also sure there are stock 50 hp that work well. However, the track record I have seen speaks for that particular line - 4 lemons and counting.
Hope you get your issues resolved with it.
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