Suppose that call options on a stock with strike prices $50 and $55 cost $8 and $2, respectively.

Create the profit/loss diagram of a bullish spread position that can be created using these two calls.

(1) provide the profit/loss diagram of each call used in the spread.

(2) provide the profit/loss diagram of the combined position, i.e,, the spread. If possible, mark the break-even price, maximum profit, and minimum profits, and prices at which the maximum and minimum are reached.