Trying to understand python memory profiler

I am using Memory Profiler module to get the memory usage of my python code following this answer. However, I am not able to interpret the output from %memit magic (or the output using the @profile decorator from the module or mprof run for that matter).

For instance,

%memit range(10000) 

gives me peak memory: 97.41 MiB, increment: 0.24 MiB

while,

%memit xrange(10000)

shows peak memory: 97.46 MiB, increment: 0.00 MiB. I do understand the difference between xrange returning an xrange type as opposed to range() returning a list. I used them here just to demonstrate the two scenarios.

My question is

1. What does peak memory and increment actually mean?
2. What should I report as the total memory usage of a script (or a function) from this output?