Вы можете использовать zip()
:
>>> a = [23, 43, 32, 27, 11]
>>> b = [3, 5, 4, 3, 2]
>>> c = [x**y for x, y in zip(a, b)]
>>> c
[12167, 147008443, 1048576, 19683, 121]
или map()
и operator.pow()
:
>>> from operator import pow
>>> d = list(map(pow, a, b))
>>> d
[12167, 147008443, 1048576, 19683, 121]