Step 1 :This problem is a linear programming problem. We need to maximize the profit function subject to the constraints of cutting and sewing time.
Step 2 :The profit function is \(304x + 221y\), where x is the number of organza dresses and y is the number of lace dresses.
Step 3 :The constraints are \(2x + 4y \leq 16\) (cutting time) and \(4x + 2y \leq 20\) (sewing time). We also have the non-negativity constraints \(x \geq 0\) and \(y \geq 0\).
Step 4 :By solving this linear programming problem, we find that the optimal solution is to make 4 organza dresses and 2 lace dresses per week.
Step 5 :This will yield a maximum profit of \(\boxed{1658}\).