The committee of a new golf club is setting the annual membership fee. The number of members depends on the membership fee charged and economic conditions. The forecast annual cash inflows from membership fees are shown below: Membership fee N$600 N$800 N$900 N$1000 Required: Membership level Low Average High N$000 N$000 N$000 360 480 540 400 440 480 360 405 495 320 380 420 a) Explain the concept of maximax and determine the fee the committee would set if the maximax criterion is applied. b) Explain the concept of maximin and determine the fee the committee would set if the maximin criterion is applied. c) Explain the concept of minimax regret and determine the fee the committee would set if the minimax regret criterion is applied.