The general form of the coefficient of \(x^7\) in \(\left( ax^2 + \frac{1}{2} bx \right)^{11}\) is obtained by using the binomial expansion:
\[
r = \frac{11 \times 2 - 7}{3} = 5
\]
Thus, the coefficient of \(x^7\) is given by:
\[
\text{Coefficient of } x^7 = \binom{11}{6} a^5 \left(\frac{1}{2}b\right)^6
\]
Similarly, for \(\left( ax - \frac{1}{3} bx^2 \right)\), the coefficient of \(x^7\) is:
\[
\text{Coefficient of } x^7 = \binom{11}{6} a^5 \left(\frac{1}{3}b\right)^6
\]
Equating the two coefficients, we get:
\[
ab = \frac{25}{36}
\]
Thus,
\[
729ab = 32
\]