i) Is it true that each VCPU is dedicated to one physical CPU core?
ii) If not, is it possible to reserve one physical CPU core and fix a VCPU to it?
I found some information that might provide some hints for you. Here is thread that discuss on VCPU: https://communities.vmware.com/thread/181249?start=0&tstart=0. The Intel(R) architecture manual has additional information on how to handle the VM, logical, an physical processor. See chapters 23 and 24: http://www.intel.com/content/dam/www/public/us/en/documents/manuals/64-ia-32-architectures-software-developer-system-programming-manual-325384.pdf