See in Patrick Suppes, Introduction to Logic (1957 - Dover reprint), the recursive definition of formulas [page 52] :
(a) Every atomic formula is a formula.
[...]
(d) If $R$ is a formula and $v$ is a variable then $(v)R$ and $(\exists v)R$ are formulas.
Thus, according to the syntax, $Px$ is an atomic formula; so $(∃x)Px$ is a formula, and also $(x)(∃x)Px$ [i.e. $∀x∃x(Px)$] is a formula.
Now for the "meaning": of course quantifying a variable which is not present in a formula does nothing.
In formula $∃x(Px)$ there are no a free variable $x$; thus the "meaning" of $∀x∃x(Px)$ is exactly $∃x(Px)$.
How to prove it ? See BASIC RULES OF INFERENCE, page 99.
(a) Start with $∀x∃x(Px)$ and apply US :
from $∀xS$, derive $S(t)$, provided that no free occurrence of $x$ within scope of quantifier using variable of $t$ [i.e. we have to avoid that the term $t$, if containing a variable $y$, will be "captured" by a quantifier $\forall y$ or $\exists y$ already present into $S$].
In our case, $∃x(Px)$ has no free occurrences of $x$; thus, applying US we simply obtain $∃x(Px)$.
Thus, by Rule C.P [page 29] we may conclude with :
$∀x∃x(Px) \rightarrow ∃x(Px)$.
(b) Now consider $∃x(Px)$ and apply UG :
from $S$ derive $∀xS$, provided that $x$ is not flagged.
In our case, $∃x(Px)$ has no free occurrences of $x$; thus, $x$ is not flagged and we may apply UG to obtain $∀x∃x(Px)$.
Again by Rule C.P :
$∃x(Px) \rightarrow ∀x∃x(Px)$.
Finally, apply the definition of $\leftrightarrow$ to conclude with :
$∀x∃x(Px) \leftrightarrow ∃x(Px)$.
Note
The same approach, using the "existential" rules, applies to : $∃x∀x(Px)↔∀x(Px)$.