The MV 50's are a great little compressor and Costco sold them at one time for less than $30.
J~ a couple of things I'd like to suggest... one is get rubber caps for the quick connect air fittings. They will fill with water, dirt, and crap very quickly and will be pretty much useless when you need them.
Number two might be best left unsaid... but an air tank needs to have the water drained often to prevent internal rusting. Even a stainless tank needs the moisture drained or the water will end up in the hoses, tires, air tools, etc. For this reason, the drain valve needs to be located at the lowest point. It appears on this install, the drain valve is half way up the side of the tank. Not good since it doesn't look like there are any other fittings in the bottom that could be used to drain condensation from the tank... and believe me, in humid weather a compressor can make a LOT of water.
That said, it does look like you have a check valve in place right where the stainless hose enters the tank. Losing that much air in such a short time indicates there is a leak. Get out the soapy water. It's probably not a major leak because your tank is pretty small (the smaller the volume of the system, the quicker the air will bleed off). Of course all the fittings are suspect... check the quick couplers... Be patient because it's probably a tiny leak... and if nothing else, the check valve could be the culprit.