Room Acoustics - this is an interesting subject... Many people confuse sound-proofing with acoustical correction, but they are two different techniques performing two different functions.
Sound-Proofing is used to prevent sound from escaping OR entering a location, eliminating background noise and acoustical coupling through building structures, etc.
Acoustical Correction is the repair or control of room issues such as; flutter echo, modal resonances, reverberation time, and diffusion or dispersion to improve transmission accuracy within an enclosure and to acheive an evenly distrubuted frequency response without coloration.
The first thing that a good consultant will ask is: "How good do your acoustics need to be?" In other words, "What do you plan to accomplish with this room?" - followed by this next VERY important question: "How much can you afford to spend?"
The answers to your questions above will determine what you will be able to do with your room. Unfortunately, acoustics is given a low priority in many building projects and surprisingly, most home studios. It usually doesn't start off that way, but it's high status can be slowly chipped away by cost-cutting measures here, nonprofessional opinions there, and surrender by the owner who just wants the project to be completed. Most of these acoustic problems are built into the building, and cannot be repaired without great expense. Wishful thinking and off-the-cuff remarks often run counter to the laws of physics.
Sound-Proofing
Fact #1. MASS = Sound Transmission Loss
Open cell foam does NOT sound proof. Pink fiberglass does NOT sound proof. Neither do blankets, curtains, and most commercially available acoustical control products.
The heavier the partition is the better it is at sound-proofing. But, don't forget the seal. Sound waves have a way of bending around objects or getting through the tiniest hole. Although you may have some success with light partitions for higher frequencies, the issues that are usually addressed by sound proofing are low frequency related.
It takes a tremendous amount of energy for vibrating air to begin moving a wall or a floor. A wall or ceiling's sound blocking ability can be improved by adding a layer of 5/8" drywall or gypsum board, adding a decoupled wall or adding resilient clips, increasing the air space, and filling the wall with insulation.
Don't be fooled by well-meaning friends who tell you to simply cover the room with carpet or other silly nonsense which will not only NOT sound proof the room but, it will also make the room ugly & unusable acoustically.
Acoustical Correction & Control
Flutter echo, image smearing reflections, distracting reverb, comb filter effects, room mode bumps and nulls are all attributes of enclosed spaces. Minimizing or eliminating these distortions is the job of acoustic control products, with the exception of room mode problems. You can determine your mode distrubution with this handy Excel spreadsheet. If your dimensions are not ideal, I would seriously suggest that you try a different room or build one to suit because you cannot fix room mode issues without moving walls.
Flutter Echo:
Hard, flat parallel surfaces reflect sound waves in the same fashion as parrallel mirrors reflect light to create the repeating tunnel effect. This problem is corrected by placing absorbent material in patches on both wall surfaces. For example; place a floor to ceiling absorbent panel on the left and on the right leave a space of plain wall facing the panel. Alternate this down the entire length of the wall. This will alter the wavefronts striking the wall and help create a diffuse field.
Early Reflections from Loudspeakers:
A side wall or ceiling near the loudspeaker reflecting sound energy from the speaker which arrives at the ear slightly time-delayed and creates a comb-filter effect at the delay frequency. This is easily corrected by using a mirror. Have someone hold a mirror against the wall while the engineer is sitting in the mixing position. Move the mirror until the engineer sees the loudspeakers in the mirror. Put an absorbent panel in place of the mirror. Do this for the wall in front and sides of the engineer as well as the ceiling.
Reverb Time:
Don't kill your room. Depending on what you will be using it for your ideal reverb time will be vastly different. If you are building a voice-over studio, then you will want it pretty dead. If you are building a drum room then you need it to be fairly live.
Whether you are new to the business or have paid your dues, you have probably spent too much money on equipment you didn't need and unless you are the rare exception, have had wrong or NO ADVICE at all on room design or treatment.
I remember one producer friend of mine saying, "It's all Voo-Doo anyway."
No, it's not.
*You need sound acoustic advice from an expert.
*You need to know the bottom-line.
*You don't need more questions... you need answers.
*And you need it WITHIN YOUR BUDGET!
AND I'M GIVING YOU THIS TODAY FOR SEVEN BUCKS!! 
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