Arduino not outputting square wave with 50% duty cycle
Your two delay loops are running sequentially, NOT in parallel:

digitalWrite(7, LOW);
delayMicroseconds(time1);
digitalWrite(7, HIGH);
delayMicroseconds(time1); 
// Here starts your second delay which means all the time this is running 
// Output 7 is high!
digitalWrite(8, LOW);
delayMicroseconds(time2);
digitalWrite(8, HIGH);
delayMicroseconds(time2);
// Back to your first delay which means all the time that is running 
// Output 8 is high!





  Is there a way to make them run sequentially?


I assume you mean in parallel.   

In this case, because time2 is half of time1, yes you can. 
There are several ways, a very simplistic one which is just a small variant on your existing code is this:

digitalWrite(7, LOW);      
digitalWrite(8, LOW);      
delayMicroseconds(time2);   
digitalWrite(8, HIGH);     
delayMicroseconds(time2);
digitalWrite(7, HIGH);
digitalWrite(8, LOW);
delayMicroseconds(time2);
digitalWrite(8, HIGH);
delayMicroseconds(time2);