I would start with giving the ball object the physics behavior and then using apply force action in the up direction. If you want it to jump toward the cursor click then you can grab the mouse.x, mouse.y in variables and then set angle to these when you apply the force. With the physics behavior attached the ball object will automatically fall with "gravity" so you would simply need to tweak the dampening until you achieved the appropriate 2 second effect your after.
You will need to have added the mouse or touch objects to the project by double clicking layout and selecting it from tools object menu that pops up.
The mouse event you will probably need is the On-click (not On-clicked!) and use left mouse with single or double-click whichever fits your game.