Step 1: Identify the condition.
Since the layers are \emph{horizontal and parallel to flow}, the flow occurs in parallel system.
For parallel flow:
\[
K_{eq} = \frac{\sum (K_i \cdot H_i)}{\sum H_i}
\]
where \(K_i\) are hydraulic conductivities and \(H_i\) are thicknesses.
Step 2: Apply equal thickness condition.
Both layers have equal thickness, so:
\[
K_{eq} = \frac{K_1 + K_2}{2}
\]
Step 3: Substitute values.
\[
K_1 = 5 \times 10^{-2} = 0.05\ \text{cm/s}, \quad K_2 = 3 \times 10^{-2} = 0.03\ \text{cm/s}
\]
\[
K_{eq} = \frac{0.05 + 0.03}{2} = \frac{0.08}{2} = 0.04\ \text{cm/s}
\]
\[
\boxed{0.04\ \text{cm/s}}
\]