find max length of list of list python

mylist = [1, 7, 3, 12, 5]

min_value = min(mylist)
max_value = max(mylist)

Here is what the above code is Doing:
1. We create a list called mylist.
2. We create a variable called min_value and set it equal to the minimum value in mylist.
3. We create a variable called max_value and set it equal to the maximum value in mylist.