I have two lists of the same length. I want to find the element-wise maximum and minimum from those two lists. Is there a Pythonic way for it?

E.g.

For the following two lists

a=[14, 34, 77, 123, 5, 19, 33, 6]

b=[54, 12, 76, 23, 45, 9, 23, 1]

The result should be

min_a_b = [14, 12, 76, 23, 5, 9, 23, 1]

max_a_b = [ 54, 34, 77, 123, 45, 19, 33, 6]

E.g.

For the following two lists

a=[14, 34, 77, 123, 5, 19, 33, 6]

b=[54, 12, 76, 23, 45, 9, 23, 1]

The result should be

min_a_b = [14, 12, 76, 23, 5, 9, 23, 1]

max_a_b = [ 54, 34, 77, 123, 45, 19, 33, 6]