Step 1: Understanding the Question:
We have a three magazine reading survey (Business India, Outlook, India Today) broken into "only one magazine," "exactly two magazines," and "all three magazines" counts, and we need the total number of students surveyed.
Step 2: Key Formula or Approach:
In a three set Venn diagram, every student falls into exactly one of seven non-overlapping regions: only one magazine (three regions), exactly two magazines (three regions), or all three magazines (one region). So the total surveyed is simply the sum of all seven given regions.
Step 3: Detailed Explanation:
Only one magazine: only Business India = 40, only Outlook = 60, only India Today = 110.
\[ \text{Only one} = 40 + 60 + 110 = 210 \]
Exactly two magazines: Business India and India Today only = 20, Business India and Outlook only = 50, Outlook and India Today only = 40.
\[ \text{Exactly two} = 20 + 50 + 40 = 110 \]
All three magazines = 30.
Adding every region gives the total surveyed:
\[ \text{Total} = 210 + 110 + 30 = 350 \]
Step 4: Final Answer:
The total number of students surveyed is 350, which is option (B).
\[ \boxed{350} \]