What does VIX represent and how its real-time market value shown to investors every second is calculated?

You can find all the information about the VIX and VIX futures on Chicago Board Options Exchange (CBOE.com) and CBOE Futures Exchange (CFE.CBOE.com).
Q#1. What does VIX represent and how its real-time market value shown to investors every second is calculated?
Q#2. Explain what the following VIX futures contracts represent (what underlying and expiration date) and find their closing prices in dollars per unit on Thursday, October 11:
a. 46VX/X8
b. VIX/M9
Q#3. If the U.S. stock market volatility is expected to fall in November 2018 but then rise subsequently in June 2019 compared its level on October 11, 2018, which of the above two VIX futures contracts you should establish a long/short position (specify your position) to profit from the expected volatility change?
Q#4. Assume you purchased two VIX/M9 futures contracts on October 11, 2018. Also, assume that the VIX futures price on the expiration date in June 2019 turned out to be $29 per unit. Calculate your total gains or losses on the two VIX/M9 futures contracts (Remember to multiply the prices with the VIX futures price multiplier shown on CBOE.com or CFE.CBOE.com).
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