Final answer:
A reduction in tariffs on iPod imports and the introduction of Sony Walkman-type products would likely decrease the equilibrium price and increase the equilibrium quantity of Sony Walkman-type products. products and an increase in the supply curve, resulting in a decrease in price and an increase in quantity.
Step-by-step explanation:
When tariffs on iPod imports are reduced and Sony Walkman-type products are introduced simultaneously, it is likely to decrease the equilibrium price and increase the equilibrium quantity of Sony Walkman-type products. This is because the reduction in tariffs on iPod imports would lead to a decrease in the price of iPods, making Sony Walkman-type products relatively more expensive and decreasing the demand for them.
At the same time, the introduction of Sony Walkman-type products would increase the supply of similar products in the market, which would further decrease the equilibrium price and increase the equilibrium quantity. This combined impact can be shown graphically as a leftward shift in the demand curve for Sony Walkman-type products and an increase in the supply curve, resulting in a decrease in price and an increase in quantity.