The 0.5M and 2M refer to moles per liter (of solution). Volume of final solution is 2.5 L + 500 mL = 2.5 L + 0.5 L = 3.0 L. So find out how many moles the final solution has and divide by 3.0L.
First solution (0.5 moles/liter)*(2.5 liter) = 1.25 moles
2nd solution (2 moles/liter)*(0.5 liter) = 1 mole
Molarity: (1.25 mole + 1 mole)/(3.0 liter) = 0.75 moles/liter = 0.75 M