2. First determine the payoff functions and then sketch the payoff diagrams for each of the following portfolios (a) Short one share, long two calls with strike price K (this combination is called a straddle). (b) Long two puts and one call, all with strike price K (a strip). (c) Long one call with strike price K1 and one put with strike price K2. Compare three cases K1>K2 (known as a strangle), K1=K2 and K1