I'm brand new to the game. Is it possible to send 2 planes after a target? currently looks like only 1 can be sent? im sure the info on the Mig said its best to pair it up with another fighter as once it fires all its missles its defenseless.

If its a gameplay decision to only have one, i cant see how that is a good thing? i mean if you only have 2 inceptors and u send both there is a chance u have both downed or another ufo appears and you have two away etc.

When you select a UFO to intercept, you should be able to choose the aircraft to send. You can select more than one from your base.

There is a chance that both can be downed in one fight, yes. So try to be careful in the air-combat mini-sequence.

When choosing your intercepting force you can click on the names of up to 3 green-highlighted aircraft in one base and they will fly as a team (at the speed of the slowest, of course, so normally it's best to send multiples of the same type rather than mix and match)

Autoresolve normally does the job of bringing down the opponent if you've chosen the right fighters for the job, but you can avoid taking damage once you have got the hang of controlling manual interception.