To find the total number of students surveyed (let's denote this number as \( x \)), we can set up the equation based on the information given.
We know that 40% of the total students equals 70 students who like mustard on hot dogs: \[ 0.4x = 70 \]
To solve for \( x \), we can divide both sides of the equation by 0.4: \[ x = \frac{70}{0.4} \]
Calculating the right-hand side: \[ x = \frac{70}{0.4} = 70 \times \frac{10}{4} = 70 \times 2.5 = 175 \]
Thus, the total number of students surveyed is: \[ \boxed{175} \]