You should be able to see immediately from inspection (without doing any calculations) that the transistor is saturated. Generally you figure the C-E voltage of a saturated transistor is 200 mV or less unless the current is unusually large, which in this case it's obviously not due to the size of R1 and R3. The answer for any real electrical engineering purpose is therefore "200 mV or less", which we can see immediately from inspection. Part of designing good circuits is to make sure that this 200 mV uncertainty doesn't matter. If your professor wants a more accurate answer, then he's being academic and unrealistic, and you can tell him I said so.
Now let's do the math to back up what we already know from inspection is happening. Let's say the B-E drop is 700 mV, so there is 9.3 V accross R2, which means the base current is 370 µA. R1, R3, and V1 form a Thevenin source of 7.5 V and 5 kΩ. That means the collector current can't be more than 1.5 mA (C-E drop 0 which can't happen, but is useful to get the guaranteed not to exceed current). (1.5 mA)/(370 µA) = 4, which is the gain required for the transistor to saturate. You can easily rely on a 2N3904 to have well more gain than that at 1.5 mA collector current. The transistor is clearly well into saturation, which is why it was easy to see from inspection without actually running the numbers.
So now the question is what will the C-E drop be for the transistor at 1.5 mA collector current and well into saturation. Again, the basic electrical enginnering answer is "less than 200 mV". If you need a more accurate answer then two things are going on. First, the robustness of your overall circuit design is suspect if this really matters.
Second, you have to look in the datasheet to see what details they tell you about this particular transistor. This is where things get a little tricky since there are various variants of the 2N3904 out there, and different manufacturers will spec it a little differently. I just grabbed the Fairchild datasheet to use as a example. I wouldn't assume that this level of detail applied to 2N3904 from other manufacturers without checking. This is yet another reason it is better if your circuit works with anything in the 0-200 mV range. You don't have to worry about which variant from which manufacturer you are using, and purchasing can get the cheapest generic 2N3904 they can find that week.
On page 2, there is actually a spec for Collector-Emitter Saturation Voltage, which is a maximum of 200 mV for IC at 10 mA and 300 mV for IC at 50 mA. This is typical of datasheets in that they don't explicitly tell you what the part will do at all possible operating points. However, since our collector current is well below 10 mA, we can safely count on the C-E drop to be 200 mV or less. Note that's what we already knew from 3 seconds of inspection in the first place.
With this level of information in the datasheet, "200 mV or less" is actually the only correct answer. This is all the manufacturer promises the transistor will do. Now we know that almost certainly in our particular case the C-E voltage will be lower, but the absolute worst case spec is 200 mV. Claiming anything lower is actually wrong, and I would argue strongly with anyone that accepted a specific lower answer as correct in a engineering course. Second guessing the datasheet is irresponsible engineering.
So if I was grading the test, I'd mark any answer that gave a specific number below 200 mV as wrong. Even if you built the circuit and measured the C-E drop to be 89.3 mV, for example, I still wouldn't accept that as a valid answer to the question because it can't be counted on accross part variations within a batch, and accross parts from various manufacturers.
This is a area where theory and engineering differ, and is something engineering students need to learn. If your professor disagrees with this, and this is in a engineering course, then he's just plain wrong and needs to get out into the real world. And yes, you can (and should) tell him I said so.
Given that \$\alpha\$ and \$\beta\$ are related by \$\alpha = \frac{\beta}{1+\beta}\$ as stated in the wiki article, obviously you can do your sums with either.
However, which is going to be easier to use? I personally always use \$\beta\$, regardless of the transistor configuration.
In common emitter \$I_c = \beta\times I_b\$, so I can say 'I need to control \$I_c\$ collector current, I need at least \$\frac{I_c}{\beta}\$ of base current to do it'.
But as \$\beta >> 1\$ (for most transistors), \$\alpha \approx 1\$, and \$I_c \approx I_e\$. You may object to the approximation, but given the way that \$\beta\$ varies with temperature, \$I_c\$, and between transistors of the same type, that is a far far better approximation than insisting that \$\beta\$ is constant. Any good transistor design will allow for operation with a range of \$\beta\$, at least \$2:1\$, preferably more.
Once you have made the approximation \$I_c \approx I_e\$, then common collector operation is given by 'I need to allow for a base current of \$\frac{I_c}{\beta}\$ to flow in the base circuit, without upsetting operation'.
With a common base stage, you say much the same thing, allowing an amount of base current, however you also say that the emitter to collector gain is slightly less than \$1\$, a fraction of \$\frac{1}{\beta}\$ less than one. The error of the gain from \$1\$ will usually be a smaller error than resistor tolerances and other sources of gain error.
Given that you can write an equation for \$\alpha\$, does that mean that you need to? For most practical engineering designs, the answer is no. If you are in college, and the tutor really likes to use \$\alpha\$, then the answer is yes.
Best Answer
\$\beta\$ is a ratio between the collector and base currents whereas \$\alpha\$ is also a ratio but between the collector and emitter currents. There is no special name for \$\alpha\$ and \$\beta\$ as they are both unit-less.
However, you may call \$\alpha\$ as the common-base gain and \$\beta\$ as the common-emitter gain.
Either way, you will usually see \$\beta\$ in the spec sheets of BJT chips.
\$\alpha\$ is always less that 1.0 because of carrier generation and recombination going through the base region of the transistor, thus, the base and collector current are always less than the emitter current.
There is a relationship between \$\alpha\$ and \$\beta\$...
\$\displaystyle \beta= \frac{\alpha}{1-\alpha}\$
(Also, I asked a question about why Mathjax is different on the EE.SE than other websites.)