Define the payoffs of the following portfolios and plot their profit functions. Briefly justify

the profiles of the profit functions. (10 marks each):

a. Long position on a European call option with exercise price 25 with price 2.

b. Long position on a European put option with exercise price 32 with price 5.

c. Short position on a European call option with exercise price 28 with price 1.

d. Short position on a European put option with exercise price 28 with price 3.