The angular size of the image formed by the telescope is given by:
\[
\theta_{\text{image}} = \frac{\theta_{\text{object}} \times f_{\text{eyepiece}}}{f_{\text{objective}}}
\]
Where:
- \(\theta_{\text{object}} = \frac{1}{2^\circ} \),
- \(f_{\text{objective}} = 50 \, \text{cm}\),
- \(f_{\text{eyepiece}} = 2 \, \text{cm}\).
Substituting the values, we get:
\[
\theta_{\text{image}} = \frac{\frac{1}{2^\circ} \times 2}{50} = 1.27^\circ
\]