P=Powertrain
0=Standard code
7=Transmission
50=Shift solonoid circuit
Your mechanic will see something like this for that code:
"Note: If code P1767 (Transmission Relay Always On) is also present: Replace transmission solenoid assembly. See note provided. When transmission is in limp mode the relay that provides power to the solenoid group is switched off. This is normal and is designed to provide operation in one gear only.
Engineering department suggests to replace transmission solenoid assembly anytime these two trouble codes occur together. See applicable service manual section (21) for solenoid assembly replacement directions. IMPORTANT: When performing this repair always check torque on all valvebody accumulator cover plate screws. Proper torque specification is 70 inch pounds. If any accumulator cover plate screws are damaged or missing replace the valvebody assembly. NOTE: If any other trouble codes are present do not replace solenoid assembly. See test in the applicable Transmission Diagnostic Procedures Manual."
What's this mean in English?
As you can see, it's not cut and dry even for an experienced mechanic. Some of it is quite complex. Self diagnostics only go so far. It's one of those codes that tells you there is a problem in an approximate area. The root problem can come from one or more areas within that area. Your best bet is making sure your transmission shop is familiar with Jeeps just like yours. The more familiar they are, the less likely they will have to go on a hunting expedition to find the specific problem.