Question is.. what would you be doing with said rope?
One of the smallest, yet affordable rope diameter rope is the 8mm which is certified as a "Personal Escape Rope" by the American NFPA (National Fire Prevention Association). Such a rope is used by Firefighters to rappel to safety should all other methods of exiting a building be unavailable. I use Sterling brand myself and swear by it. Many other makers also manufacture similar rope. Always use static line as a dynamic line stretches too much for any real utility use and should not be used for any sort of rappelling.
Instead of fifty feet, I would suggest a minimum of a hundred feet if you are going places where it's not all level ground. Keep in mind that even seemingly level places like the desert will occasionally hide deep crevaces and valleys. Going someplace mountainous? One should take along two to three hundred feet and upgrade to 7/16 inch diameter Static rope. Never put the weight of more than one person on the 8mm rope. The 7/16 rope has been known to safely carry two persons, at the same time, it has also been known to fail when carrying two persons. It is not suggested at all that any more than one person use the line at one time, but if an emergency dictates that you do (and you do at your own risk), make sure that all other stresses are minimized ie no equipment weight and not to use a "same rope belay", amd that you use a new rope.
A couple of things you need to know about rope... the Breaking strength of rope is not the safe amount of stress one can put on it. This number is derived from perfectly new rope tested under perfect conditions in a laboratory. The number given is also most probably a mean or average number. The safe working load is 10% of that number. Some people will also say that 15% is safe and some have gone as far as 20%, but I would suggest no more than 15% for new rope and 10% for slightly used rope. Any rope subject to hard use or abuse should be retired immediately. Rope should be inspected before and after every use. A coil of "Army Green Line" aka army climbing/rappelling rope will make a good backup rope. As always, be especially careful in inspecting military surplus rope.
Also, rope will lose much of it's utility if you do not also bring along a harness or rigger's belt (or the knowledge to rig one with a short length of rope), a few carabiners and perhaps a descending device.
Lastly, practice your rappelling and rigging technique so that it is second nature before you head out there... trying to figure out what to do while hanging off a small cliff is not a good way of staying alive. It's also a fun hobby if you can find a place neaar home to try it a few times.
Also, pick up this book... it's one of the best books available on the entire subject. (click on book for link)
Also, Falcon Press puts out one called Toprope which is exclusively about rappelling.