sunilji some additional points in addition to the points given by jnims, jbartos and electricpete and an explanation of "In some instances (after a proper economic analysis) it just may or may not be worth it to parallel transformers" by jbartos.
If you have two transformers, which can be run in parallel, the losses will not be minimum when you run the two transformers in parallel at all the loads. Since you have two transformers, one 500 kVA and the other 1000 kVA or two 1000 kVA, they will have different noload and load losses. The total losses of a transformer at any load Ki is:
Pnlx + (Ki/K)^2 * Pllx, where Pnlx and Pllx are noload and full load losses of unit x and Ki and K are any rating and full load ratings respectively. Draw graphically the total losses vs the rating Ki. for each transformer. Again draw the two parallel operation scheme losses of Pnl1 + Pnl2 + (Ki/(K1+K2))^2 * (Pll1+Pll2) vs Ki.
Plot all the three curves on the same graph paper or in any program like mathcad. The above equations need certain changes if you have noload and load implications different like cost of losses then the losses can be multiplied by the capitalized cost of losses.
There will be clear three segments in the graph where running the tranformer first one, second one or both will make least losses.