Let's start with the definition
maxrequests: How many requests does a child server before being killed
and a new one forked
maxspare : Maximum number of spare processes to keep running
minspare : Minimum number of spare processes to prefork
maxchildren: Hard limit number of processes in prefork mode
This means that you'll have at most maxchildren processes running at any given time in your webserver, each running for maxrequests requests. At server start you'll get minspare processes, which will keep growing until maxspare (or maxchildren) if more requests are coming.
So, minspare lets you say how many concurrent requests are you expecting at a minimum (important to avoid the process creation if you start with one, it's good to start at, say 10), and maxspare lets you say how many concurrent requests will your server attend to at most (without compromising it's expected response time and so on. Needs a stress test to validate). And maxrequests is talking about the lifetime of each child, in case they cannot run forever due to any kind of constraint.