Final answer:
For a candlestick chart, which displays price movements in the stock market, all points (Open, High, Low, Close) are needed, hence answer (b) is correct. For histograms, that show data distribution, you need quantitative, continuous data. Choosing between a bar graph or histogram depends on if your data is categorical or continuous.
Step-by-step explanation:
To construct a bar chart, the data required are typically the categories you want to display and the frequency or value for each of those categories. However, when the question mentions Open, High, Low, and Close, it appears to be referring to a different kind of chart often used in finance known as a candlestick chart, which represents price movements in the stock market. For the construction of candlestick charts, you need the data points Open, High, Low, and Close for each period you want to represent. Therefore, the answer would be 1, 2, 3, 4 (b).
When talking about histograms, a graph used to represent the distribution of a dataset, you would need a different sort of data. Histograms require quantitative, continuous data which are then divided into intervals, known as bins. For each bin, the frequency or count of data points within that range is represented by a bar's height.
When constructing a histogram, you must decide on the range and width of each bin, the scale of the axes, as well as how the data will be grouped. However, the exact range of the first bar and the central point, as well as the widths and central points of the other bars, would depend on the specific dataset you are working with and how you choose to organize that data into intervals.
When deciding whether to use a bar graph or histogram to represent data, the main consideration is whether the data is categorical (bar graph) or continuous (histogram). For instance, data on color of cars would be categorical, making a bar graph the better choice, while data on the income of households is continuous, thus a histogram is more suitable.