Step 1: Write the expression in power form.
Given,
\[
P=\frac{\sqrt{ab}\cdot d^{\alpha}}{\sqrt{c}}
\]
This can be written as
\[
P=a^{1/2}b^{1/2}c^{-1/2}d^{\alpha}.
\]
Step 2: Use the formula for maximum percentage error.
For a quantity
\[
Q=x^my^nz^p,
\]
the maximum percentage error is
\[
\frac{\Delta Q}{Q}\times 100
=
\left(
|m|\frac{\Delta x}{x}
+
|n|\frac{\Delta y}{y}
+
|p|\frac{\Delta z}{z}
\right)\times 100.
\]
Applying this to \(P\),
\[
\frac{\Delta P}{P}\times 100
=
\left(
\frac{1}{2}\frac{\Delta a}{a}
+
\frac{1}{2}\frac{\Delta b}{b}
+
\frac{1}{2}\frac{\Delta c}{c}
+
\alpha\frac{\Delta d}{d}
\right)\times 100.
\]
Step 3: Substitute the given percentage errors.
The percentage errors in
\[
a,b,c,d
\]
are each
\[
0.5\%.
\]
Hence,
\[
\%\text{ error in }P
=
\left(
\frac{1}{2}+\frac{1}{2}+\frac{1}{2}+\alpha
\right)(0.5).
\]
Given percentage error in \(P\) is
\[
2\%.
\]
Therefore,
\[
\left(\frac{3}{2}+\alpha\right)(0.5)=2.
\]
Step 4: Solve for \(\alpha\).
Multiplying both sides by \(2\),
\[
\frac{3}{2}+\alpha=4.
\]
Hence,
\[
\alpha=4-\frac{3}{2}.
\]
\[
\alpha=\frac{8-3}{2}.
\]
\[
\alpha=\frac{5}{2}.
\]
Step 5: Final conclusion.
Therefore,
\[
\boxed{\alpha=\frac{5}{2}}
\]
Hence, the correct option is
\[
\boxed{(1)}
\]